3rd Mar 2014 12:30
LONDON (Alliance News) - Symphony International Holdings Ltd said Monday its portfolio company IHH Healthcare Berhad has announced a new dividend policy, while posting declines in revenue and profit for 2013. IHH reported growth on an adjusted basis.
The healthcare company, which operates across Asia, announced a new dividend policy, saying it will pay a dividend of no less than 20% of its profit after tax and minority interests.
IHH's post tax and minority interests profit was MYR631.2 million in 2013, down from MYR750.8 million in 2012, as revenue declined to MYR6.76 billion from MYR6.96 billion.
On an adjusted basis, excluding one-off benefits from its sale of Novena medical suites in April 2012 and the consolidation of PLife REIT in which it owns a 35.8% interest, IHH posted PATMI of MYR585.0 million, up from MYR485 million in the previous year, as revenue rose to MYR6.68 million from MYR5.66 million in the previous year.
Revenue growth was driven by organic growth and the ramping up of new hospitals, IHH said.
IHH expressed confidence that the demand for private healthcare would grow in its home markets due to the demographics and growing upper and middle classes.
Shares in Symphony were trading down 1.00% at 0.743 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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