Fortis Healthcare Q4 loss widens to Rs 9.3 bn, firm starts recovery process

The company has started the process of recovering payments made to Malvinder Singh as per his letter of appointment as lead for strategic initiatives

Fortis Healthcare Ltd (FHL) declared its financial results for the fourth quarter and financial year 2017-18 in the wee hours of Wednesday after deferring it thrice since May. The hospital chain, which is in the process of finding a buyer or investor, posted a net loss of Rs 9.32 billion in Q4FY18, as against a loss of Rs 680 million in the corresponding quarter last financial year.  

The losses were primarily on the back of an exceptional loss of Rs 8.33 billion. The company said in its statement to the exchanges that the results were impacted by continuing business challenges,