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KUALA LUMPUR: Bhd Healthcare IHH 
slipped into the red with a net loss of 104.07 million RM in the third quarter ended September 30, 2018, compared to a net profit of 82.09 million RM a year earlier.
The group said the loss, resulting from the 1.4% rise in turnover of RMB 2.84 billion, was mainly due to the recognition of foreign exchange losses (forex) of 752.5 million RMB on non-Turkish lira borrowings of the subsidiary Acibadem Holdings.
"However, excluding exceptional items, profit more than doubled from last year, to stand at RMB 309 million, as a result of improved operational and financial performance. Foreign exchange gains from the appreciation of the US dollar on US dollar denominated cash balances, "he told Bursa Malaysia today.
For the first nine months, the IHH business figure was set at RMB 8.36 billion, compared with RMB 8.26 billion for the previous corresponding period, while net profit fell from 86.4% to 128.3 million RMB.
The group maintained a strong financial position at the end of September 2018, with a cash balance of £ 6.1 billion and a net debt of 0.04 times (December 31, 2017: 0.03 times). Net cash generated from operating activities was £ 1.3 billion, said IHH.
Dr. Tan See Leng, Chief Executive Officer and CEO, said that as long-term health care providers, the group was seeking a solid operational performance, which it continued to do in all its markets.
"We are encouraged by the operational resilience of our business, even when our net profit has been affected by the volatility of foreign exchange in Turkey. As we optimize existing businesses, we continue to position the group for growth. In India, we are delighted to officially host Fortis Healthcare in the IHH family.
"The immediate priority of the group is to stabilize operations, improve operational parameters and increase performance in order to realize this transformation opportunity for the group. We are confident that the group has put in place the building blocks to ensure that the IHH balances current yields with a long track of growth, "he added. – Bernama
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