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25 February 2003
Raffles Medical Group announces a sterling performance for the year ended 2002. We achieved a strong turnaround, posting $6.1 million in pre-tax profit from a loss of $7.1 million the previous year.
All our Singapore operations - GP clinics, Raffles Hospital and ancillary services - chalked up double digit growth in 2002, with Raffles Hospital scoring the strongest growth of 30%.
Raffles Hospital's performance has exceeded market expectations. It achieved positive cashflow after only 11 months of operations and was profitable for the second half of 2002, within two years of its opening.
Commenting on the results, Executive Chairman Dr Loo Choon Yong said: "Raffles Hospital with its unique group practice model, where all consultant specialists work as a team, has indeed proven to have something special to offer our patients in Singapore and the region."
He added: "We expect the Group to continue to grow strongly and improve our profitability. We will expand our services in Singapore and Hong Kong, and develop new markets in the region."
With the good performance of the year, the Board of Directors recommended a higher dividend of 10% and an additional special dividend of 10%.
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