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Nawaloka Hospitals June profits soar amid higher healthcare spending

16 August 2017 09:48 am - 0     - {{hitsCtrl.values.hits}}

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Leading private healthcare services provider Nawaloka Hospitals PLC posted Rs.83.78 million net profit for the first quarter of 2018 ended this June, up 84.82 percent year-on-year (YoY), as increased consumption of healthcare services was witnessed during the quarter due to the dengue epidemic that spread across the island.  

Earnings per share increased to 6 cents from 3 cents YoY. NHL shares were up 2.17 percent to Rs.4.70 during the course of yesterday’s trading.


Revenue for the quarter increased 24.7 percent YoY to Rs.1.82 billion while cost of services increased 20.55 percent YoY to Rs.877.16 million. Increases in staff and administrative costs dampened margins. Yet, operating profits increased 79.80 percent YoY to Rs.259.23 million.


The group asset base increased to Rs.15.38 billion compared to Rs.14.35 billion at the start of the financial year through property, plant and equipment. Long-term loans and leases increased to Rs. 6.48 billion from Rs. 5.61 billion in the three months as well. Nawaloka is currently expanding its hospital.


The three months saw the net asset per share increase to Rs.3.21 from Rs.3.15.


As at June 30, 2017, the Dharmadasa family owned approximately 65 percent of NHL shares, while business magnate Dhammika Perera held 26.87 percent of NHL shares, increasing his stake from 26.25 percent 3 months ago.

 

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