BH sees Q1 double-digit revenue dip

BH sees Q1 double-digit revenue dip

Bumrungrad Hospital's Flu Clinic for children and pregnant women. The pandemic has had a disruptive effect on the company's revenue.
Bumrungrad Hospital's Flu Clinic for children and pregnant women. The pandemic has had a disruptive effect on the company's revenue.

SET-listed Bumrungrad Hospital Plc (BH) reported a double-digit drop in first-quarter revenue and net profit due to the "highly disruptive impact" of the Covid-19 pandemic.

Some of the disruptive effects stem from Thailand's lockdown measures and travel bans on international flights, according to Bumrungrad Hospital.

"As a result of Covid-19, net profit for the first quarter decreased by 29.2% [year-on-year] to 765 million baht from 1.1 billion in the first quarter of 2019, with net profit margin at 18.3% in this year's first quarter, compared to 22.8% in last year's first quarter," said the company in its statement.

Total revenue was registered at 4.2 billion baht during the first three months, down 11.7% year-on-year from 4.7 billion logged in last year's corresponding period.

Revenue generated from hospital operations was valued at 4.1 billion baht, down 12% year-on-year.

"This was mostly due to a decrease in revenue from Thai patients and non-Thai patients by 2.5% and 16.4%, respectively," said the statement.

"As a result, the revenue contribution from Thai patients was 34.7%, whereas revenue from non-Thai patients was 65.3% for the first quarter of 2020, compared with 31.3% and 68.7%, respectively, for the first quarter of 2019."

Bumrungrad Hospital reported the cost of hospital operations, including depreciation and amortisation, at 2.3 billion baht for the first quarter, resulting in a 7.9% year-over-year decline.

The variance was mostly because of a drop of 160 million baht in physicians' fees and lesser supply costs worth 28 million, in line with a decline in revenue from hospital operations.

The company's earnings before interest, taxes, depreciation, and amortisation (Ebitda) saw a 23.6% year-on-year fall to 1.2 billion baht in the first quarter, with an Ebitda margin of 30%.

The impact of TFRS 16 Leases, effective on Jan 1, and ongoing capital spending contributed to higher first-quarter depreciation and amortisation of 311 million baht from 298 million in last year's first quarter.

Total assets stood at 13.4 billion as of March 31, up from 11.7 billion logged at year-end 2019.

The variance was mostly attributed to a net increase of 1.3 billion baht in cash, cash equivalents and other financial assets.

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