IHH Healthcare dragged down by goodwill impairment

Company records net first quarter loss of $75 million

IHH -- which operates over 15,000 beds in 80 hospitals across 10 countries -- has been expanding into developing economies such as India and China, where large population and rapidly rising income are driving demand for quality healthcare and advanced treatment. © AP

P PREM KUMAR, Nikkei staff writer

June 29, 2020 21:01 JST

KUALA LUMPUR -- IHH Healthcare said it had recorded a net loss of 320 million ringgit ($75 million) for the three months to March 31 compared to a net profit of 89.51 million ringgit in the same period last year.

Asia's biggest hospital operator by market value, IHH said the loss was due to a goodwill impairment at Indian subsidiary Ravindranath GE Medical Associates Pte. and foreign-exchange losses.