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Fortis has received two fresh binding bids on 3 July, from Malaysia’s IHH Healthcare and Manipal-TPG combine. Photo: Ramesh Pathania/Mint
Fortis has received two fresh binding bids on 3 July, from Malaysia’s IHH Healthcare and Manipal-TPG combine. Photo: Ramesh Pathania/Mint

Fortis says no change in audited results, evaluating bids

Fortis Healthcare today said there has been no change in its audited financial results compared to the unaudited numbers reported on 27 June 2018

New Delhi: Fortis Healthcare on Saturday said there has been no change in its audited financial results compared to the unaudited numbers reported on 27 June 2018.

The company on 27 June had reported widening of consolidated net loss to Rs914.32 crore for the March quarter, 2017-18, hit by continuing business challenges, provisions and impairments. It had posted a net loss of 37.52 crore in the year-ago period.

“The audited financial statements have been released on the completion of the additional review of certain internal processes which were being undertaken at the request of the Board of Directors", Fortis said in a filing to BSE. As expected, there has been no change in the figures reported in the audited financial statements compared to the unaudited results announced on 27 June, it added.

“With the release of the audited financial statements, we have addressed an important objective that we had set for ourselves, as a reconstituted board comprising independent directors, in the backdrop of recent developments," Fortis Healthcare Board of Directors chairman Ravi Rajagopal said.

Our focus in the future will be on strengthening governance and transparency and restoring the health of the business, he added. “We are also in the process of evaluating the bids received on 3 July 2018 and will present our recommendation to the shareholders in the coming days," he said.

Consolidated income from operations stood at 1,086.38 crore for the reported quarter. It was 1,123.43 crore for the same period a year ago, Fortis had said. For entire 2017-18, the company posted a net loss of 934.42 crore. It reported a profit of 479.29 crore in 2016-17, it added. Consolidated income from operations stood at 4,560.81 crore during 2017-18 as compared to 4,573.71 crore in the preceding year.

Fortis has received two fresh binding bids on 3 July, from Malaysia’s IHH Healthcare and Manipal-TPG combine. Two suitors, KKR-backed Radiant Life Care and Munjal-Burman combine, have backed out from the race for the cash-strapped healthcare chain.

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