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Sunday, 17 July 2005    
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Apollo Hospitals cuts losses, turnover up

The Lanka Hospitals Corporation Ltd, known as Apollo Hospitals in the health industry, for the year ended March 2005, recorded a loss of Rs 55.95 million as against a loss after tax of Rs 206.51 million during the year ended March 2004.

Turnover for the year in review was Rs 1.7 billion, while in the financial year ended March 2004 the company showed a turnover of Rs 1.4 billion.

Earnings before interest, depreciation and taxation (EBIDTA) for the year ended March 2005 was Rs 245.72 million, as against Rs 181.55 million for the previous financial year. Earnings before depreciation and taxation (EBDTA) for 2005 was Rs 75.32 and for the financial year ended March 2004, Rs 5.57 million.

The directors have told shareholders that in view of the losses incurred during the financial year ended March 2005, no dividend is recommended. No dividend has been paid since the company went public in 2002.

At the time of the IPO Apollo estimated that during the first year the company was expected to incur a loss of Rs 62.1 million, due to start up costs, and low occupancy levels. During the financial year 2003/04 the hospital was projected to turnaround with estimated net earnings of Rs 157.3 million. In the financial year 2004/05 profit was expected to reach Rs 270 million, according to Apollo estimates. At the time of the share issue, Apollo's DCF-based fair valuation on the stock stood at Rs 26 per share, according to HNB Stockbrokers.

Last week, Lanka Hospital stocks traded at around Rs 20 each.

The company's sixth AGM is scheduled to take place on August 8 at 4 p.m. at the Ceylon Continental. (EL)

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