The Hindu Business Line : Fortis plans international foray; declares profit for first time

New Delhi, July 30 After expanding its network to 22 hospitals in the country, Fortis Healthcare Ltd is now looking to foray in international markets. The company is eyeing developing countries in Africa, Latin America and Asia for a possible foray.

The largest private healthcare company in the country is also looking at acquiring more hospitals to cater to the domestic market. Fortis, on Wednesday, reported profit of Rs 94 lakh for the quarter ended June 30, 2008 compared to a loss of Rs 23.5 crore during the corresponding quarter last year. This is the first time the company has reported profits.

Global Foray

Mr Shivinder Mohan Singh, Managing Director, Fortis Healthcare, told Business Line, “While our focus will continue to be in India, we are looking at opportunities to take our network to international market. We are not looking at developed countries like the US but at countries where we can add value through our successful business model in India.”

Domestic Plans

On India plans, Mr Singh said another 3-4 hospitals would be added to the Fortis network this year.

The group has drawn a blue print for technology upgradation at its various hospitals, with an estimated investment of Rs 40 crore in the current financial year. This is designed to equip the hospitals with cutting edge diagnostics capabilities and latest medical equipment for quality medical services.

Commenting on the first quarter results, he said, “Higher occupancy and a lower length of stay have contributed to higher asset turnover which has led to better operating margins. Our continued focus on bringing down costs and improving efficiency at our hospitals have started to yield results and I am delighted that our efforts have resulted in reporting of first ever net profit for the Q1 of FY09 for the group”.

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