Apollo Hospitals post Rs 59 Million net profit in Q4
By Pradeep Rane | 17 Jun 2002
Mumbai: Apollo Hospitals Enterprise Ltd has posted a net profit of Rs 59 million for the quarter ended 31 March 2002 as compared to Rs 100 million in the quarter ended 31 March 2001. The total income has increased from Rs 884 million in MQ01 to Rs 1,050 million in the quarter ended 31 March 2002.
The company has posted a net profit of Rs 247 million for the financial year ended 31 March 2002 as compared to Rs 307 million in the year ended 31 March 2001. The total income has increased from Rs 3,226 million in FY01 to Rs 3,768 million in the year ended 31 March 2002.
The board has recommended a dividend of 25 per cent for the year ended 31 March 2002.
The group is considering acquiring 50 per cent equity in the Kolkata-based Duncan Gleneagles Hospitals for an estimated Rs 3 crore. Apollo Hospitals had earlier said that it is planning to manage the hospital together with the Singapore-based Gleneagles Development Pte, a subsidiary of Parkway Group Healthcare. Late last year the healthcare major was in talks to buy out Duncan Industries' stake in the Rs 100 crore hospital.
The Kolkata hospital has been facing severe cost overruns and is currently running at losses, which have contributed to a 26 per cent rise in the losses of Parkway's international hospital division. Duncan had entered into an alliance with Parkway in the early 90's to set up a 225-bed hospital with equity participation to the tune of Rs 60 crore.
This project has debt of over Rs 50 crore, from IFCI, IDBI, ICICI and the International Finance Corporation, the World Bank's private sector financing arm. However, the project is still not off the ground.
The Apollo group had recently set up a Rs 270 crore healthcare unit in Colombo. The 350-500 bed multi-speciality hospital occupying 3.5 lakh sq ft is equipped with the latest technology. The hospital will have technologically advanced, state-of-the-art medical equipment for multi-speciality care, like advanced radiology and imaging, nuclear medicine, interventional cardiology, open-heart procedures, nephrology, advanced neuro-surgery, critical care units and secondary care facilities.