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Business News/ Companies / Company-results/  Fortis Healthcare’s Q4 loss widens to ₹ 932 crore on one-off charges
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Fortis Healthcare’s Q4 loss widens to ₹ 932 crore on one-off charges

Fortis Healthcare's burgeoning loss comes even as it's up for sale to a bevy of suitors, including Malaysia's IHH Healthcare and the Manipal-TPG combine

Fortis Healthcare’s net loss for the year-ago March quarter was ₹ 63.8 crore. Photo: Ramesh Pathania/MintPremium
Fortis Healthcare’s net loss for the year-ago March quarter was ₹ 63.8 crore. Photo: Ramesh Pathania/Mint

Bengaluru: Fortis Healthcare Ltd, which is embroiled in a takeover battle that has drawn international bidders, on Wednesday said loss for the March quarter, or Q4, ballooned to 932 crore, hurt by impairment charges. Fortis, which delayed reporting results for the quarter as it completed an internal probe, said the goodwill impairment charges and write-offs were related to inter-corporate deposits and advances. Net loss for the year-ago quarter was 63.8 crore.

Fortis detailed the findings of its internal investigation and said it was in the process of taking “suitable legal measures" against former executive chairman Malvinder Singh to recover payments and company assets held by him.

Fortis has become the target of a bidding war by suitors seeking to get a share of a boom in India’s private healthcare market. Its board is looking at bids from parties including Malaysia’s IHH Healthcare Bhd and a consortium of Manipal Health Enterprises and private equity firm TPG Capital.

Despite the significant interest, no suitor has gone all out on the offer price mainly due to regulatory investigations into allegations that Fortis’ founders, Malvinder Singh and Shivinder Singh, siphoned off funds from the company. They quit as directors in February but have denied any wrongdoing.

Fortis said it will appoint an external agency to investigate its internal controls and also evaluate its organisational structure, including the delegation of powers of the board.

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Published: 27 Jun 2018, 08:31 AM IST
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