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The application of MFRS 129 boosted the company’s income.
SGX-listed IHH Healthcare posted a net income of $3.8m (RM12.1m) in Q2, translating to a 27% year-on-year increase.
In a bourse filing, the company said the application of the Malaysian Financial Reporting Standards (MFRS) 129 helped it gain $91.8m (RM295.5m), which, in turn, boosted net income in Q2.
The company’s revenue likewise grew in Q2, rising 2% YoY to $1.4b (RM4.4b) due to continued growth in its key markets and a return of both local and foreign patients.
“The ramp-up of Gleneagles Hong Kong Hospital (“GHK”) and contribution from General Hospital Acibadem Bel Medic (“Bel Medic”) acquired in July 2021 also played a part, though this was partially offset by the expected tapering of COVID-19 related services,” added IHH Healthcare.
Given its strong Q2 performance, IHH Healthcare said it is confident that it will be able to ride out near-term challenges and “deliver long-term sustainable growth for all stakeholders.”
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