Aster DM Healthcare reports 93 percent fall in Q1 profit
Advertisement
Bengaluru: India's Aster DM Healthcare reported a nearly 93% fall in its first-quarter profit on Monday, its fourth straight quarterly profit fall, dragged by losses from its new hospitals and a one-time tax expense.
The company's consolidated net profit fell to 49 million rupees (nearly $590,000) for the quarter ended June 30, compared with 685.4 million rupees a year earlier.
Aster DM's new hospitals, including Aster Royal Hospital Muscat and Aster Narayanadri Tirupati, reported losses of 290 million rupees for the June quarter, the company said.
Additionally, it had a deferred tax expense of 440 million rupees during the quarter.
The company's profit before tax fell 14% to 732.5 million rupees as a nearly 20% rise in its expenses weighed.
Revenue from the hospital segment rose 23.5% to 18.78 billion rupees during the quarter. This is Aster's biggest segment, accounting for more than 58% of its total revenue.
Revenue from operations rose 21% to 32.15 billion rupees.
Peer Apollo Hospitals Enterprise also reported a bigger-than-expected fall in first-quarter profit on Friday, dragged by operating costs related to its digital healthcare platform.
Read also: Aster DM Healthcare expands footprints in South India, rebrands Ramesh Hospitals to Aster Ramesh Hospitals
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.