Bangkok Dusit Medical Services (BDMS), the largest private hospital operator in Thailand, has reported a 24% jump in core profits for the year.
Although net profits declined 10% to Bt9.2 billion (US$290 million), core profits rose 24% to Bt9.9 billion.
The latter figure strips out the gain in investment in Bumrungrad Hospital and an income tax expense related to the sale of its 38.2% stake in Ramkhamhaeng Hospital for Bt12.8 billion.
Revenues for the year were up 9% to Bt79.3 billion.
For the fourth quarter, the group saw a marginal increase in core profits to Bt2 billion on revenues that grew 7% to Bt20 billion.
In a statement to the SET it said: “International healthcare demand continues to rise as Thailand remains one of the world’s most attractive medical tourism destinations for our quality of care.”
Growth for the group was driven by hospital operations which gained 9% off an expansion of a new patient base especially from insurance patients both domestically and internationally.
The group made no comment about the insider trading scandal surrounding its president and founder Prasert Prasarttong-Osoth. Prasarttong-Osoth, his daughter Poramaporn, also BDMS’ chief operating officer, and another executive Narumon Chainaknan have been fined US$15.8m for manipulating the shares of Bangkok Airways between November 2015 and January 2016. They all stepped down from their positions at BDMS.
BDMS is the fifth largest hospital group in the world. It has 45 hospitals in Thailand as well as two in Cambodia. It is rated AA- by Tris.