Fortis Healthcare reports loss of Rs 197 crore in Q3FY19; appoints Vivek Goyal new CFO

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Published: February 14, 2019 4:42:42 AM

Fortis also announced the appointment of Vivek Goyal as its chief financial officer.

Fortis also announced the appointment of Vivek Goyal as its chief financial officer.

Fortis Healthcare reported a net consolidated loss of Rs 197 crore for the quarter-ended December 2018 (Q3FY19) against a loss of Rs 37 crore in the same period in the previous year.

Fortis said its net losses are primarily due to the exceptional losses. “These primarily pertain to impairments related to the goodwill and of certain assets. These, in addition, also include certain one-off financial and legal expenses related to advisory fees for corporate transactions,” the release stated.

The company reported revenues of Rs 1,103 crore against Rs 1,121 crore in Q3FY18.

Ravi Rajagopal, chairman at Fortis Healthcare, said the last quarter witnessed the reconstitution of the Board, with the appointment of five IHH nominees along with existing three independent directors.

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“Going forward the association will prove to be synergetic and help us chart the next phase of growth for the organisation. In January 2019, the company completed the RHT acquisition. This acquisition is extremely significant as it will have a direct impact on our bottom line. We are committed to do what is best for the company, our doctors, nurses, investors and employees,” he said.

In January 2019, the company had completed the acquisition of the RHT Indian entities owning the entire portfolio of India assets held by RHT. The portfolio included 12 clinical establishments, two operating hospitals, one clinical establishment under construction and four greenfield clinical establishments, the release indicated.

Fortis said that its hospital business revenues stood at Rs 889 crore against Rs 909 crore in Q3 FY18 while its diagnostic business net revenues stood at Rs 209 crore against Rs 206 crore in Q3FY18.

Fortis also announced the appointment of Vivek Goyal as its chief financial officer.

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