The Hindu Business Line : Fortis Healthcare on expansion mode

New Delhi, June 30 Fortis Healthcare Ltd plans to expand its operations by adding at least 1,000 beds over the next 18 months. Apart from acquisitions, the Group is setting up two greenfield hospitals in Delhi and Gurgaon.

The company is likely to launch its rights issue by August first week. Fortis Healthcare will use part of the proceeds from the Rs 1,000-crore rights issue to repay short-term loans. According to the company’s rights issue draft letter, promoters and promoter group companies will hold around 68.41 per cent of the paid-up equity share capital of Fortis Healthcare.

Standalone performance

The company on Tuesday declared its results for the quarter ended March 31, 2009. The company, on a standalone basis, has posted a net loss of Rs 79 lakh for the quarter ended March 31, 2009 compared with a net profit of Rs 9.6 crore in the corresponding period of the previous year. Total income decreased to Rs 50.7 crore (Rs 51.6 crore).

Consolidated results

On a consolidated basis, the Group has posted a net profit of Rs 4.78 crore for the quarter ended March 31, 2009 compared with a net loss of Rs 9.8 crore for the year-ago period. Total income increased to Rs 177.36 crore (Rs 147 crore).

Commenting on the results, Mr Shivinder M. Singh, Managing Director, Fortis Healthcare, said, “The results are a testimony to the capabilities built in the company for achieving impressive growth, with a competence to grow and turnaround new additions to our network without losing focus on costs and operating efficiencies. The result reaffirms our faith in our underlying strategy and gives us the confidence that we shall progressively return even better performance”.

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