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Fortis posts 14 cr loss, revenue up 70%

Fortis posts 14 cr loss, revenue up 70%

New Delhi: Fortis Healthcare India Ltd, the country’s second-largest hospital chain, swung to a net loss of 14.39 crore for the July-September quarter from a 81.79 crore profit a year ago.

The company attributed the loss to higher interest costs due to incremental borrowings and unfavourable foreign exchange movements related to its foreign currency convertible bonds.

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The hospital chain, promoted by the Singh brothers, Malvinder and Shivinder, said operating profit rose 75% to 87 crore primarily as it added capacity.

“Our revenue growth was mainly due to new facilities, which were commissioned this quarter, in addition to our existing facilities and programmes," chief executive Aditya Vij said in a conference call after the results were announced.

The group’s newly added diagnostic arm, Super Religare Laboratories Ltd, contributed 127 crore to the overall revenue, growing at 15%.

During the quarter, Fortis opened four facilities, adding 600 beds. It now has a network with a capacity of more than 10,000 beds across 66 hospitals in 17 states.

Fortis India, which in September agreed to buy its promoters’ privately-held overseas unit, Fortis Healthcare International Pte Ltd, for 3,265.15 crore, said operating income from hospital business grew 46% over a year ago.

Fortis’ shares fell 4.19% to close at 123.40 on the Bombay Stock Exchange on Monday; the Sensex shed 0.43% to 17,118.74 points.

moulishree.s@livemint.com

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