A program of strategic expansion as well as an increased focus on financial controls and a reduction of liabilities earned the Group a record 246 percent increase in profit after tax of Rs 61 million for the quarter ended December 2010, compared to a significantly lower profit of Rs 17 million for the same quarter in 2009.
Group revenue for the quarter ended December 2010 also rose notably to Rs 842 million compared to revenue of Rs 752 million for the same comparative quarter in 2009.
Meanwhile, Nawaloka Hospitals expansion with the construction of a new building to accommodate a higher number of beds as well as an increased focus on high service levels garnered positive results as revenue for the nine months ending December increased by a notable 12 percent to Rs 2.4 billion compared to Rs 2.1 billion for the respective period in the previous year. Group profits for the period recorded at Rs 1 billion, with the main contributory factor being the income earned from the Galadari Hotel amounting to Rs 904 million.
The sale also enabled the Group to pay a majority of its loans, thereby disposing of significant long-term liabilities.
The group’s net profit after tax for the nine month period shows an increase to Rs 1047 million compared to a loss of Rs 1.8 million to the comparative period in the previous year. Contributing to this profit was reduced expenditure due to strategic financial controls which shows the group’s quarterly finance costs decrease by a remarkable 66 percent to Rs 22 million from Rs 65 million for the comparative period in the previous year.
In light of the significantly improved performance, the Group issued a one-for-one share split in November 2010 thereby doubling shareholders’ value and resulting in an additional Rs 704 million worth of shares, resulting in an increase in stated capital to Rs 1.2 billion and a strengthened balance sheet.
Following a strategic and focused expansion program, Nawaloka Hospitals is today the single largest private hospital in the country, with a capacity of 400 beds - the largest number of beds accommodated by a private hospital in a single location.
The new building which began operations in the latter part of 2009 offers services and technology unparalleled by any other private hospital in the country,” Nawaloka Hospitals CEO and Deputy Chairman Jayantha Dharmadasa said.
The hospital is visited by over 400 consultants and continues to add new dimensions to patient care.
“Plans to expand services such as laboratory facilities to the outstations is also a move to ensure the hospital’s services become increasingly accessible to the entire population,” he said.
source - www.dailynews.lk
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