Fortis Healthcare posts first-quarter loss

(Reuters) - Indian hospital operator Fortis Healthcare Ltd, which recently agreed to be bought by Malaysia's IHH Healthcare Bhd, reported a quarterly loss on Tuesday.

The cash-strapped firm booked a net loss of 707.4 million rupees ($10.11 million) for the three months ended June 30, compared with a profit of 52.9 million rupees in the same period a year earlier, Fortis said.

Income from operations fell 9.9 percent to 10.42 billion rupees.

The results come after a prolonged takeover battle, which ended with IHH set to take control of Fortis after its bid of up to $1.1 billion was chosen over a rival's, giving it ownership of over 30 hospitals amid a private healthcare boom in India.

 

IHH's bid was also approved by shareholders on Tuesday.

($1 = 69.9500 Indian rupees)

(Reporting by Tanvi Mehta in Bengaluru; Editing by Kirsten Donovan)