Poor Health

Oct 17, 2007 (LBO) – Lanka Hospitals Corporation said its net loss for the first quarter of the 2008 financial year ended June 30 shot up 148 percent to 35.5 million rupees from 14.3 million in the same period last year. The Harry Jayawardene controlled company, which owns the Apollo Hospital, said in results reported to the Colombo Stock Exchange that revenue fell seven percent to 428 million rupees from 460 million over the same period.

The company incurred a 154.7 million rupee loss for the year ended March, 2007 compared with a profit of 6.8 million rupees the year before.

Its staff and operating costs increased while turnover remained flat at 1.811 billion rupees during the year.

Staff costs increased to 629.8 million rupees from 577.3 million rupees.

Operating expenses had also increased to 431.9 million rupees from 369.7 million, during the same period.

Around 77 percent of the hospital's shares are held by Sri Lanka Insurance Corporation, owned by tycoon Harry Jayawardene.

Lanka Hospitals' total assets in 2007 were 2.949 billion rupees.

The hospital's share traded 75 cents lower at 21.50 rupees on Wednesday.