Left Menu
Development News Edition

Fortis Healthcare reports Rs 180 cr loss in Q3 for FY19

Fortis Healthcare reports Rs 180 cr loss in Q3 for FY19
Net profit for the third quarter of this fiscal year was primarily impacted by exceptional losses. Image Credit: Pixabay

Fortis Healthcare on Wednesday reported a consolidated net loss of Rs 180.11 crore for the quarter ended December 31, 2018, mainly on account of exceptional losses. The company had posted a net loss of Rs 19.10 crore for the corresponding period of the previous fiscal, Fortis Healthcare said in a filing to BSE.

Consolidated revenue from operations of the company stood at Rs 1,103.27 crore for the quarter as against Rs 1,120.65 crore for the same period year ago. Net profit for the third quarter of this fiscal year was primarily impacted by exceptional losses. These primarily pertain to impairments related to the goodwill and of certain assets, Fortis Healthcare said.

These in addition, also include certain one-off financial and legal expenses related to advisory fees for corporate transactions, it added. Commenting on the results, Fortis Healthcare Chairman Ravi Rajagopal said the last quarter witnessed the reconstitution of the Board, with the appointment of five IHH nominees along with existing three independent directors.

"Going forward the association will prove to be synergetic and help us chart the next phase of growth for the organisation," he added. During the earnings call, Rajagopal said, "Following the Luthra investigation report which we then filled with various authorities we have over the last six, seven months completely severed all links with the former promoters. We have started pursuing legal and other means for recovery of all dues to Fortis."

Following the Sebi order of October 2018 where clear directive to us was to cease any direct or indirect dealings with the former promoters, we have done exactly that, he added. Fortis Healthcare CEO Bhavdeep Singh said that with the partnership of IHH and the completion of RHT acquisition, "we are confident of a progressive improvement in our performance in the ensuing quarters."

The company had net cash of Rs 2,359 crore as on December 31, 2018, compared to a net debt of Rs 1,497 crore on September 30, 2018 and net debt of Rs 1,339 crore on December 31, 2017, the company said. The company also said its board has approved the appointment of Vivek Kumar Goyal as Chief Financial Officer of the company. The effective date of appointment shall be on or before May 1, 2019. Shares of Fortis Healthcare closed at Rs 134.55 on BSE, down 0.26 per cent from the previous close.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.



Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....


Latest News

Pistons buy out contract of F Markieff Morris

The Detroit Pistons and power forward Markieff Morris reached an agreement Friday on a contract buyout, marking the second time this week that the team parted ways with a veteran. On Tuesday, point guard Reggie Jackson and the Pistons final...

Exchange of fire between security forces and terrorists in J-K's Sangam

Exchange of fire started between security forces and terrorists at Sangam in Bijbehara on the intervening night of Friday and Saturday.Exchange of fire started between security forces terrorists at Sangam Bijbehara. Police, CRPF Army are ...

UPDATE 1-U.S., India at odds over trade as Trump heads for encounter with Modi -U.S. officials

Trump administration officials on Friday acknowledged that U.S. President Donald Trumps visit to India next week will not result in even a limited trade deal, saying they still have major concerns over Indias trade barriers. Hopes that the ...

Bloomberg says three women who signed non-disclosure agreements can be released

U.S. Democratic presidential candidate Michael Bloomberg said on Friday that his company had reviewed its records and found three women who had signed non-disclosure agreements related to their complaints about statements he made personally...

Give Feedback