Fortis to invest Rs 650 cr to set up new hospitals

04 Nov 2010 Evaluate

Fortis Healthcare Ltd plans to invest Rs 650 crore over the next 12-18 months to add another seven to eight new hospitals with about 2,100 beds. The company reported a consolidated net profit of Rs 74.8 crore during the second quarter against Rs 12.9 crore in the corresponding period last year. The profit for July-September 2010 includes net profit of Rs 53.9 crore the company made on the sale of its stake in Singapore's Parkway Investments.

Though the company had earned a profit of Rs 350 crore from selling its stake in Parkway, nearly Rs 300 crore was spent on paying interests and prepayment of funds raised for the acquisition of the Singapore-based hospital chain.

Without the Parkway deal, Fortis' net profit stands at Rs 21 crore. Consolidated operating revenues rose 88 per cent to Rs 358 crore in September quarter. Wockhardt, the chain of hospitals it acquired last year, contributed Rs 103 crore to the company's July–September sales. Fortis also plans to move beyond the metros to tier-II and tier-III cities. At present, Fortis Healthcare has a network of 49 hospitals, with around 6,000 beds. During the second quarter, the company commissioned two new tertiary care hospitals at New Delhi and Kolkata.

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