KUALA LUMPUR, Aug 27 — IHH Healthcare Bhd has posted a net loss of RM120.64 million in the second quarter ended June 30, 2020 (Q2) compared with net profit of RM184.99 million in the same quarter last year amid the unprecedented challenges from the Covid-19 pandemic.
In a filing with Bursa Malaysia, the group said revenue fell to RM2.56 billion from RM3.64 billion previously.
The decline in revenue was due to the lockdowns enforced during the pandemic as patients postponed non-urgent and non-essential treatments and a drop in foreign patient volumes due to travel restrictions.
“While we will have to continue adapting to the fast-evolving situation, our long-term growth trajectory remains intact as we deliver our Refreshed Strategy,” managing director and chief executive officer Dr Kelvin Loh said in a statement.
He pointed out that Fortis Healthcare in India, in which IHH is the largest shareholder, announced plan to rebrand its hospitals to “Parkway” to leverage IHH Healthcare’s strong brands.
In Malaysia, the group is pursuing its metro cluster strategy to grow more efficiently and will soon complete the acquisition of Prince Court Medical Centre.
On outlook, IHH Healthcare expects impact from the pandemic in the current financial year, especially if there are further disruptions from subsequent outbreaks and renewed lockdowns in the short term.
However, it will continue to mitigate the impact by creating new revenue streams, improving case mix, keeping tight cost and capital discipline, while supporting governments.
Overall, the group is optimistic that it will remain resilient and is encouraged that patient volumes have started recovering from June onwards and expects continued progressive recovery. — Bernama
