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Raffles Medical 3Q net profit up 1% on year

Singapore hospital operator facing stiffer competition in the region

Raffles Medical Group will open a new building in Singapore by the end of the year to meet stiffer competition in the region.

SINGAPORE -- Raffles Medical Group posted a 1% rise in net profit to 16.3 million Singapore dollars ($11.9 million) for the third quarter ended Sept. 30, despite an economic slowdown and increasing competition for foreign patients from Southeast Asia.

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