Apollo Hosp net down on forex loss, low treasury income

Apollo Hosp net down on forex loss, low treasury income

Mumbai: Healthcare services provider Apollo Hospitals Enterprise’s <APLH.BO> said on Thursday its quarterly net profit dipped 12% on lower treasury income and foreign exchange losses.

India’s top healtchare player reported a net profit of Rs39.27 crore on net sales of Rs523 crore for April-June.

“We have liquidated our treasury income to fund projects and hence, the treasury income has come down by (Rs11 crore) rupees in the quarter," S.K. Venkataraman, chief financial officer, told Reuters over the telephone.

Apollo Hospital’s borrowing during April-June also rose by Rs8 crore dragging the profit down further, he said.

Foreign exchange losses stood at Rs2 crore in the quarter, Apollo, in which Malaysian government fund Khazanah owns more than 12% stake, said in a statement.

The profit was marginally higher than the Rs38.40 crore estimated by a Reuters’ poll of 14 brokerages.

Shares of Apollo Hospitals closed at Rs797.95 on Thursday, up 0.73% in a Mumbai market that ended up 0.02%.