No change in audited results, strengthening governance: Fortis Healthcare

For 2017-18, the company posted a net loss of Rs 9.34 billion

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 June 27 had reported widening of consolidated net loss to Rs 9.14 billion for the March quarter, 2017-18, hit by continuing business challenges, provisions and impairments. It had posted a net loss of Rs 375.2 million 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 June 27, 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 Rs 10.86 billion for the reported quarter. It was Rs 11.23 billion for the same period a year ago, Fortis had said.

For entire 2017-18, the company posted a net loss of Rs 9.34 billion. It reported a profit of Rs 4.79 billion in 2016-17, it added.

Consolidated income from operations stood at Rs 45.60 billion during 2017-18 as compared to Rs 45.73 billion in the preceding year.

Fortis has received two fresh binding bids on July 3, 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.