IHH Healthcare : Posted Second Straight Quarterly Loss as Pandemic Hurt Patient Volume

By Chester Tay

IHH Healthcare Bhd. posted its second straight quarterly loss in the second quarter ended June 30, as the Covid-19 pandemic caused patients to postpone non-urgent and non-essential treatments and visits to hospitals and healthcare facilities.

Net loss for the April-to-June period was 120.6 million ringgit ($28.9 million), versus a net profit of MYR189.9 million a year ago, the hospital operator said in a stock exchange filing Thursday. IHH's second-quarter revenue dropped 30% from a year earlier to MYR2.56 billion.

For the first half of the year, IHH incurred a net loss of MYR440.4 million, compared with a net profit of MYR274.5 million a year ago, while revenue declined 16% to MYR6.12 billion.

The group expects a slow recovery due to the continued impact of the Covid-19 pandemic for the rest of the year, especially if there are further disruptions from subsequent outbreaks and renewed lockdowns.

Write to Chester Tay at [e-mail]