Fortis Health sees net loss of Rs 221 crore in Q1

Updated: Aug 9 2013, 05:41am hrs
Fortis Healthcare on Thursday reported net loss of R221 crore for the first quarter ended June 31 primarily due to a one-time forex loss relating to the divestment of Dental Corporation, Australia. In May, the company sold its 64% stake in Dental Corporation Australia to Bupa Australia Health for around R1,452 crore. Net sales grew 8% at Rs 1,517 crore for the April-June period. The healthcare delivery firm said that excluding the Dental Copr deal, net loss stood at R124 crore compared toR72 crore for the corresponding quarter last year. This was due to a forex impact of R18 crore and finance cost of R12 crore towards early loan settlement. Net debt of the company has come down to R3,283 crore in the June quarter.

Higher expenses downs Deepak Fert Q1 net by 6%

Deepak Fertilisers and Petrochemicals Corporation (DFPC) on Thursday posted a 6% fall in standalone net profit at R42.73 crore during the first quarter of this fiscal, due to higher expenses. It had clocked a net profit of R45.50 crore in the same quarter previous year, the company said. The profits fell slightly in April-June of 2013-14 fiscal as the companys expenditure remained higher at R673.7 crore against R554.61 crore in the same period in 2012-13. However, its net income rose by 27% to R742.55 crore from R633.16 crore in the review period.

Sterlite Ind allowed to continue plant ops

Sterlite Industries on Thursday said that National Green Tribunal judgement has allowed it to continue the operations for its Tuticorin copper smelter plant. NGT in a judgement has upheld its interim order of May 31, the company said in a filing to the Bombay Stock Exchange. We welcome this judgement and shall implement all recommendations laid down by the NGT appointed Expert Committee in a time bound manner. We will work closely with the regulatory authorities and the government and will continue to ensure the highest environment standards at our operations, the release said.

Manipal group acquires hospital in Malaysia

Manipal Health Enterprises, the healthcare arm of the Manipal Education and Medical Group, has acquired a 70-bed hospital in Klang, Selangor District of Malaysia, for an undisclosed amount. This acquisition by Manipal Hospitals also includes a new 200 bed tertiary care hospital which is presently under construction in a nearby location, which will be commissioned by last quarter of the financial year 2014-15, Manipal Health

Enterprises (MHE) said in a statement. The hospital will focus on a combination of wellness, prevention and curative care for both the domestic and an emerging overseas patient traffic into Malaysia from neighbouring countries, it added.

GE Shipping to buy back shares, posts 35% profit

Great Eastern Shipping on Thursday reported a 35.36% rise in its consolidated net profit to R244.98 crore for the quarter ended June 30, 2013, largely due to lower operating costs and decline in interest outgo. Besides, the company board on Thursday also approved buy back of shares upto an aggregate amount of R279 crore, being 5.53% of the total paid up equity capital plus free reserves at a maximum price of R279 per share, GE Shipping said. The company had reported a net profit of R180.99 crore in the corresponding quarter of the previous fiscal.

IRB Infra Q1 net dips 5.13% to R134 cr

IRB Infrastructure on Thursday posted a 5.13% decline in net profit for the quarter ended June 30 at R134.56 crore against R141.84 crore in the corresponding period of previous fiscal. The total income for the period under review increased by 4.9% to R1,061.92 crore compared to R1,012.25 crore in Q1 of FY13. Due to strong construction activities, construction revenue in the first quarter has increased, the company said. IRBs order book now stands at around R7,700 crore, out of which R5,700 crore worth of order book is to be executed in the next two to three years, the release said.

Sales momentum sees Sobha post 11% growth

Sobha Developers has on Thursday reported an 11% growth in net profit for the June quarter on sustained sales momentum. The net profit stood at R50.1 crore against R45 crore it reported for the corresponding period in the previous fiscal. The firm reported a revenue growth of 6.5% at R461.6 crore against R433.2 crore for the same quarter last year.

BGR Energy reports 11% growth in June quarter

BGR Energy Systems Limited, a leading EPC, BoP service provider and power equipment manufacturer, has reported a 11% growth in its net profit for the quarter ended June 30, to R37.36 crore as compared to R33.66 crore in the same quarter last fiscal. The revenues during the quarter grew 34.43% to R821.30 crore as against Rs 610.94 crore. The carried over order book stands at R11,911 crore.