Fortis Healthcare posts net loss for September, December quarters
Bengaluru: Fortis Healthcare Ltd, whose promoters have been facing multiple legal troubles, reported a net loss for the September and December quarters late on Wednesday, after it sought an extension to approve results for the two reporting periods.
Fortis posted a net loss of Rs23.61 crore ($3.62 million) for the quarter ending 30 September compared with a profit of Rs38.24 crore a year ago, mainly on a one-time charge due to the closure of a hospital, it said in a stock exchange filing.
For the December quarter, it reported a net loss of Rs19.1 crore, compared with a profit of Rs453 crore on a one-off gain by an associate company in the year-ago period.
The main shareholders of Fortis, Malvinder Mohan Singh and Shivinder Mohan Singh, stepped down from the board last month saying it was in the interests of the company because of multiple legal troubles they were facing.
On Wednesday, the promoters including the Singh brothers reduced their stake by 2.23% to 0.77%. They, along with affiliates, held a 34.43% stake in Fortis at the end of December, a company filing showed. Reuters
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