Fortis Healthcare Reports Weak Second And Third Quarter Earnings
Fortis Healthcare Ltd. posted weak set of second and third quarter earnings as the country's second-largest hospital chain operator grappled with a slew of corporate governance issues.
The company reported a net loss of Rs 36.8 crore in the three-month period ended December, against a profit of Rs 442 crore in the year-ago period. Operating margins more than halved to 4.6 percent year-on-year while revenues declined by 1 percent to Rs 1,121 crore during the quarter.
Fortis Healthcare reported a net loss of Rs 45.7 crore in the September quarter, while revenues remained flat at Rs 1,197 crore. The healthcare major had sought 15-day extension to declare second and third quarter earnings, citing statutory auditors' inability to complete the audit before the stipulated board meeting.
Also Read: Fortis Healthcare's Auditor Raises Three Red Flags
On Feb. 10, market regulator SEBI said it was probing the controversy surrounding group firms of Fortis Healthcare. Fortis could not declare the second quarter earnings within the stipulated 45- day period as its auditor, Deloitte Haskins & Sells LLP, refused to sign off on the results until about Rs 500 crore that erstwhile promoters Singh brothers took out from the company without board approval is accounted for or returned, according to a Bloomberg report.
Also Read: Delhi HC Orders Attaching Unencumbered Assets Of Singh Brothers' Holding Companies
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