Fortis posts Q1 loss of over Rs 70 crore

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Mumbai, Aug 14 (IANS) Hospital operator Fortis Healthcare Ltd on Tuesday reported a consolidated net loss of Rs 70.74 crore for the quarter ended June 30.

The company, being acquired by Malaysian firm IHH Healthcare Berhard, had posted a net profit of Rs 5.5 crore in the year-ago quarter, it said in a BSE filing.

Income from operations fell 9.9 per cent year-on-year to Rs 1,042 crore for the April-June quarter from Rs 1,156.6 crore in the corresponding quarter last fiscal.

“The last quarter performance has been impacted severely due to the continuing challenges that the company had been facing over the last 18 months that have led to liquidity issues,” Fortis CEO Bhavdeep Singh said.

“Our shareholders have supported and approved the recommended IHH offer, the proceeds of which will allow us to normalize our working capital and strengthen the overall balance sheet,” he added.

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