Sri Lanka Asiri Hospitals group net down 52-pct

Nov 10, 2010 (LBO) – Sri Lanka’s Asiri Hospitals group profit fell 52 percent to 23.3 million rupees though revenues rose 22.2 percent to 1,197 million rupees in the September 2010 quarter from a year earlier, interim accounts showed. Administrative costs rose 54 percent to 324 million rupees. Finance costs also rose 36 percent to 176 million rupees, bucking the trend of many companies that have seen interest costs fall. Income tax charges were also 49 percent higher at 47.5 million rupees.

Group long term borrowings fell to 2.0 billion rupees from 2.3 billion rupees by end September 2010, but short term borrowings rose to 2.7 billion rupees from 1.19 billion rupees

In the 6-months to September the group profits fell 46 percent to 47.9 million rupees.

At company level the firm made a profit of 67 million rupees in the September quarter down 12 percent from a year earlier.

Asiri said newly built Central Hospitals, in which Asiri Hospitals has a 35.7 percent stake started operations in April 02 and its losses have been included in the accounts.

It had also consolidated another acquired company, Digasiri Medical Services (Pvt) Ltd.

After the balance sheet date the firm has also bought an additional 10 percent stake in Asiri Surgical Hospitals, another listed group company.