Fortis reduced the loss in the reporting quarter from the preceding three month's `58 crore
Mumbai: Hospitals and diagnostic services company Fortis Healthcare Ltd posted a net loss of ₹ 22 crore in the December quarter compared with a profit of ₹ 389 crore in the year-ago quarter.
Fortis, India’s second-largest healthcare services company, reduced the loss in the reporting quarter from the preceding three month’s ₹ 58 crore. Revenue grew 12% to ₹ 971 crore.
Fortis, which divested most of its overseas assets and businesses last year, said the year-ago quarter’s profit was not comparable because it was primarily due to gains arising from the divestment of its Hong Kong subsidiary Quality Healthcare Medical Services Ltd.
“There has been a significant uptick in our operating margins both in the consolidated and hospital business," executive vice chairman Shivinder Mohan Singh said in a statement on Friday.
“We have seen good performance in our stable state hospitals, greater contributions from our new facilities and good results in diagnostics, and the quality of our revenue stream too has shown marked improvement with a steady increase in the numbers and complexity of clinical procedures handled across medical specialities, at our hospitals," he added.
Shares of Fortis Healthcare Ltd gained 1.13% to close at ₹ 138.95 apiece on Friday on the BSE, while the benchmark Sensex gained 1.01% to 29,094.93 points.