Malaysia's IHH Healthcare Swings to 4Q Profit
By Yantoultra Ngui
KUALA LUMPUR, Malaysia--Malaysia's IHH Healthcare Bhd. (5225.KU) announced on Tuesday a net profit of 101.26 million ringgit ($26 million) in its fourth quarter, compared with a net loss of MYR42.55 million a year earlier, as revenue increased.
The net profit, however, missed the MYR163.99 million analyst estimate polled by Eikon.
Revenue climbed 10% to MYR2.89 billion from MYR2.63 billion a year earlier, due to organic growth from its existing operations, and the continuous ramp-up of the hospitals opened in 2017, it said.
IHH, the world's second-largest health-care firm by market value after U.S.-based HCA Holdings Inc., has expanded across the region, including China and India, over the past five years. IHH's expansion is driven in part by a growing affluent class willing to pay for better-equipped clinics and private hospitals.
With a pipeline of expansion projects in Malaysia and Turkey, IHH has sufficient capacity to meet demand, which would drive revenue growth, it added.
Shares of IHH closed 0.3% higher at MYR6.11 ahead of the earnings release. The local benchmark stock index ended the day 0.6% higher.
Write to Yantoultra Ngui at email@example.com
(END) Dow Jones Newswires
February 27, 2018 05:02 ET (10:02 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.