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Malaysia's IHH Healthcare Q1 profit rises 56% YOY

IHH Healthcare Bhd.'s profit for the fiscal first quarter rose 56% year over year.

The Malaysian healthcare provider's profit after tax and minority interests, less exceptional items, grew to 188.4 million Malaysian ringgit from 120.5 million ringgit in the first quarter of 2018.

Earnings before interest, tax, depreciation, amortization, exchange differences and other nonoperational items rose 34% to 813.7 million ringgit from 608.9 million ringgit in the same period a year ago.

Revenue for the group increased 28% on a yearly basis to 3.64 billion ringgit from 2.86 billion ringgit.

IHH said it will focus on ramping up its existing operations and integrating Fortis Healthcare Ltd. in the near to medium term.

In December 2018, IHH said its mandatory open offer to acquire up to 197,025,660 shares of the debt-laden Indian hospital chain operator, equivalent to a 26% stake, would not proceed until further notice following an order by India's top court.

As of May 29, US$1 was equivalent to 4.19 Malaysian ringgit.