Latest news with #RM425
Business Times
3 days ago
- Business
- Business Times
IHH Healthcare Q1 profit falls 33% to RM514 million on exceptional items
[SINGAPORE] Integrated healthcare operator IHH Healthcare on Thursday (May 29) posted a 33 per cent fall in net profit to RM514 million (S$156.3 million) for its first quarter ended Mar 31, from RM768 million the year before. The drop came mainly from a lower net monetary gain from the application of MFRS 129, and the recognition of a deferred tax credit in 2024 arising from the revaluation of certain assets in Turkey, which was granted by the Turkish government, the mainboard-listed group said in a bourse filing. MFRS 129 requires financial statements of an entity, the functional currency of which is the currency of a hyperinflationary country, to be restated as the measuring unit current at the end of the reporting period. Excluding exceptional items, IHH's net profit rose 5 per cent to RM425 million on core operational growth, from RM403 million the year before. Revenue for the quarter rose 6 per cent to RM6.3 billion, from RM6 billion the year before. This was mainly attributable to increased contributions from Malaysia, Turkey and Europe, despite the Ramadan holiday period affecting many markets in Q1 2025, the group said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Earnings per share stood at 5.83 sen for the quarter, down from 8.72 cents in the year-ago period. No dividend was declared for the quarter, unchanged from a year ago. The group noted rising demand for healthcare domestically and across its key markets – which include Malaysia, Singapore, Turkey, India and Greater China – and 'continued revenue growth' driven by healthcare megatrends. It added that it will focus on driving profitability and sustaining a healthy return on equity, while maintaining prudent capital management and mitigating inflationary and interest-rate pressures. To future-proof its business, the group has initiated a multi-year transformation plan with seven focus areas: clinical excellence; patient experience; new care models; operational excellence; payor and regulator engagement; employee and doctor value proposition; and the advancement of technology, data and artificial intelligence. Dr Prem Kumar Nair, group chief executive officer of IHH Healthcare, attributed the group's 'resilient operational performance' in Q1 2025 to an improvement in in-patient volumes and higher revenue intensity across some markets. The group remains on track to achieve its goal of expanding capacity by 4,000 beds, with 1,000 beds already added in 2024, he added. Shares of IHH Healthcare closed flat at S$2.09 on Thursday, before the results were announced.
New Straits Times
6 days ago
- New Straits Times
Ganja buds disguised as clothes, pillowcases seized at KLIA
KUANTAN: A drug smuggling attempt involving a large consignment of cannabis buds worth about RM1.4 million was foiled by the Customs Department following a series of inspections on May 5. The parcels, falsely declared as containing T-shirts and pillowcases, were intended for delivery to Europe. The drugs were detected when several packages scanned at the Kuala Lumpur International Airport (KLIA) Mail and Courier Centre showed suspicious images resembling organic material. Pahang Customs director Mohd Asri Seman said the discovery was made during routine inspections carried out between 3.10pm and 3.30pm. "In the first case, our officers uncovered some 6,200g of drugs, valued at RM666,400, falsely declared as pillowcases at 3.10pm. A second find followed roughly 10 minutes later — a parcel weighing 3,200g, worth RM313,600, declared as shirts. "At 3.30pm, we intercepted a third batch of drugs, weighing around 4,340g and valued at RM425,320, also disguised as shirts," he told reporters at the Sultan Ahmad Shah Customs Complex in Indera Mahkota today. Asri said that the syndicate had used courier services to transport the drugs abroad, with Malaysia believed to have been used as a transit point. "Two of the parcels originated from Terengganu, and one from Selangor. The syndicate is believed to have smuggled the drugs into Malaysia from a neighbouring country. "To put it in perspective, one kilogram of cannabis buds is valued at about RM98,000, compared to RM3,000 per kg for compressed cannabis," he added. The case is being investigated under Section 39B of the Dangerous Drugs Act 1952, which carries the mandatory death penalty upon conviction.
