Fortis lowers net loss in FY 19 to Rs 224 crore from Rs 934 crore y-o-y
Fortis Healthcare has reported a consolidated net loss of Rs 224 crore during 2018-19 as against a net loss of Rs 934 crore in the previous fiscal.
Revenue from operations also declined to Rs 4,469 crore from Rs 4,561 crore in the previous financial year.
In the fourth quarter ended March, Fortis had a consolidated net profit of Rs 151 crore as against a net loss of Rs 914 crore in the corresponding period of previous fiscal.
The company's net loss for the fourth quarter ended March 2018 includes a loss of Rs 834 crore on account of exceptional items, including allowance for inter-corporate deposits and interest of Rs 445 crore.
Consolidated revenue from operations increased to Rs 1,184 crore from Rs 1,086 crore in the same quarter a year ago, the company said.
Fortis Healthcare Chairman Ravi Rajagopal said the company has successfully stabilised operations over the past six months and continues to witness ongoing improvement in both hospitals and diagnostics businesses.
In July 2018, Malaysia's IHH Healthcare Berhad had won a multi-pronged bidding war to acquire Fortis and completed the deal in November, buying over 31 per cent stake through preferential allotment of shares.
"IHH's preferential allotment in Fortis has re-capitalised the company's balance sheet allowing it to refocus on its business operations and deliver what we do best, that is patient care," said Rajagopal.
Fortis Healthcare Managing Director and CEO Ashutosh Raghuvanshi said: "Our operations are improving steadily, and we are on the path to recovery as the worst is behind us."
The company's priority this year is to further strengthen its liquidity position, enabling it to invest for future growth to achieve shareholder returns, he added.
Financial position of the company has significantly strengthened post IHH's investment of Rs 4,000 crore and bringing hospital assets back on balance sheet, said Raghuvanshi.