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Fortis Healthcare posts net loss for September, December quarters

Fortis posted a net loss of 236.1 million rupees for the quarter ended Sept. 30, compared with a profit of 382.4 million rupees a year ago, and a net loss of 191 million rupees for the quarter ended December.

business Updated: Mar 01, 2018 11:24 IST
Reuters
Fortis net profit,Fortis quarterly results,Fortis board meeting
Fortis Healthcare declared its second and third quarter results for FY 17-18 on Wednesday.(Parveen Kumar/Hindustan Times)

Fortis Healthcare Ltd, whose promoters have been facing multiple legal troubles, reported a net loss for the September and December quarters late on Wednesday, after it sought an extension to approve results for the two reporting periods.

Fortis posted a net loss of 236.1 million rupees ($3.62 million) for the quarter ending Sept. 30, compared with a profit of 382.4 million rupees a year ago, mainly on a one-time charge due to the closure of a hospital, it said in a stock exchange filing.

For the December quarter, it reported a net loss of 191 million rupees, compared with a profit of 4.53 billion rupees on a one-off gain by an associate company in the year-ago period.

The main shareholders of Fortis, Malvinder Mohan Singh and Shivinder Mohan Singh, stepped down from the board last month saying it was in the interests of the company because of multiple legal troubles they were facing.

| Read: Fortis promoters Malvinder, Shivinder Singh resign from company’s board

On Wednesday, the promoters including the Singh brothers reduced their stake by 2.23% to 0.77%, Fortis reported in a separate stock exchange filing.

They, along with affiliates, held a 34.43% stake in Fortis at the end of December, a company filing showed.

Fortis shares were down nearly by 0.69% at Rs 158.70 on the NSE at 11.00 pm.

First Published: Mar 01, 2018 11:11 IST