Fortis posts Q1 net profit of Rs 87.28 crore

NEW DELHI: Fortis Healthcare today reported a consolidated net profit of Rs 87.28 crore for the first quarter ended June 30, 2015-16, mainly on account of gains from divestment of international businesses.

It had posted a net loss of Rs 45.80 crore for the same period of last fiscal, Fortis Healthcare said in a statement.

"The reported results for Q1FY16 are not comparable to the corresponding previous period due to progressive divestments of company's international businesses namely RadLink Asia, Singapore and Fortis Surgical Hospital Singapore; the divestment of both being completed in Q1FY16," Fortis Healthcare said.

Consolidated total income of the company stood at Rs 1,049.29 crore for the quarter under consideration. It was Rs 1,020.67 crore for the same period year ago.

Fortis Healthcare Vice Chairman Shivinder Mohan Singh said: "Our focus on our key operating levers is continuing to reflect in the efficiencies we are deriving from our operations."

It had exceptional gains of Rs 87.25 crore in the quarter ended June 30, 2015, "due to gain on sale of investment in RadLink of Rs 78.44 crore and gain on sale of investment in Fortis Healthcare Singapore Pte Ltd of Rs 8.81 crore", Fortis said.

The company's stock closed at Rs 194.90, up 1.54 per cent, on the BSE.