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Fortis Healthcare Q4 net loss at Rs 17.53 cr

Press Trust of India  |  New Delhi 

Fortis Healthcare today reported consolidated net loss of Rs 17.53 crore for the fourth quarter ended March 31, 2014-15.

It had posted net loss of Rs 77.31 crore in the January- March quarter of the previous fiscal, 2013-14, Fortis Healthcare said in a filing to the BSE.

The income from operations during the period under review was Rs 1,049.46 crore, as against Rs 928.08 crore a year ago.

During the quarter, the company's India business revenue stood at Rs 1,016 crore.

The company said its net loss in 2014-15 was Rs 143.7 crore. It had posted a net profit of Rs 122.54 crore in the previous fiscal.

In 2014-15, Fortis' income from operations was at Rs 4,088.63 crore, while in the previous fiscal it was at Rs 4,701.83 crore. The India business was at Rs 3,928 crore.

Fortis Healthcare said the reported results of 2014-15 were not comparable with the previous fiscal due to progressive divestments of the company's international businesses.

Fortis Healthcare Executive Vice-Chairman Shivinder Singh said: "With the improvement in margins for the fourth successive quarter and the overall enhancement in the operating and financial indices of our business, I believe we have set in motion a number of sustainable programmes towards becoming PAT positive in the near future."

The company divested the last of its international assets, Fortis Surgical Hospital, Singapore and RadLink Asia, Singapore for a consideration of SGD 55 Mn and SGD 111 Mn respectively.

"Both these divestitures were consummated in April and May, 2015 respectively. With this the company has successfully completed a series of divestments and used the proceeds to pare debt and further intensify its focus on the India market," Fortis Healthcare said.

The net debt of the company as on March 31, 2015 was at Rs 1,183 crore. The company has also recently redeemed USD 100 million bonds which it had issued in 2010.

Fortis Healthcare stock ended the day at Rs 161.8, down 0.31 per cent, on the BSE.

On the outlook, it said: "With the international divestments successfully completed, the company strategy is firmly to enhance its focus on the India market."

The company does not envisage any M&A in the near future and would focus on growth and expansion by adding beds in its existing facilities across locations such as Mumbai, Amritsar, NCR, Kolkata, Jaipur, Bengaluru and Ludhiana.

Within the first half of 2015-16, two greenfield hospitals are slated to be commissioned in Chennai, a 200-bed multi-specialty hospital and in Bengaluru a 70-bed boutique Mother & Child facility.

First Published: Thu, May 28 2015. 16:42 IST