Fortis Healthcare Q4 net loss widens to Rs 932 crore on exceptional losses
NEW DELHI: Fortis Healthcare on Wednesday reported widening of its consolidated net loss at Rs 932 crore in the March quarter on account of a Rs 833.50 crore exceptional losses due to write off of goodwill, inter corporate deposit and advances.
The second largest hospital chain had reported Rs 67.83 crore loss in the corresponding quarter of last year.
The company said its exception losses for the quarter include Rs 280.80 crore worth of impairment of investment and goodwill and Rs 552.70 crore worth of other provisions and exceptional items.
Income from operations declined 3.3 per cent to Rs 1,086.38 crore for the quarter, compared with Rs 1,123.43 crore in the same quarter last year. The company announced its quarterly results at 4 am on Wednesday.
Rohit Bhasin, a non-Executive Independent Director, resiged with effect from June 26, due to 'other personal commitments' which was duly accepted by the board of directors, the company said. The company said it has submitted its internal investigation report with Sebi and SFIO.
Sebi is investigating a matter related to alleged lapses at Fortis and Religare Enterprises. Besides, the Serious Fraud Investigation Office (SFIO) has also initiated a probe into the alleged financial irregularities at the two companies. It is alledged that Fortis promoters Malvinder Singh and Shivinder Singh took at least $78 million out of the company without any board approval about a year ago.
On June 25, the Fortis board delayed the earnings release to Wednesday.
The company was to release earnings on June 11 but that was deffered as the board needed more time to consider the aspects of outcome of an internal investigation on alleged financial irregularities. Before this, the company was scheduled to announce the numbers on May 30.
The company will appoint an external agency of repute to undertake a scrutiny of the internal controls and compliance framework in order to strengthen processes and build a robust governance framework. Towards this end, the Company will also evaluate internal organisational structure and reporting lines, the delegation of powers of the Board or any committee thereof, the roles of authorised representatives and terms of reference of executive
committees and their functional role," it said in a release.
The Board is committed to fully co-operate with the relevant regulatory authorities to enable them to make a final determination on these matters and to undertake the remedial action, as required under, and to ensure compliance with, applicable Indian law, the statement read.
The company said its net debt stood at Rs 1,404 crore as of March 31 compared with Rs 1,279 crore in the same quarter last year.
The second largest hospital chain had reported Rs 67.83 crore loss in the corresponding quarter of last year.
The company said its exception losses for the quarter include Rs 280.80 crore worth of impairment of investment and goodwill and Rs 552.70 crore worth of other provisions and exceptional items.
Income from operations declined 3.3 per cent to Rs 1,086.38 crore for the quarter, compared with Rs 1,123.43 crore in the same quarter last year. The company announced its quarterly results at 4 am on Wednesday.
Rohit Bhasin, a non-Executive Independent Director, resiged with effect from June 26, due to 'other personal commitments' which was duly accepted by the board of directors, the company said. The company said it has submitted its internal investigation report with Sebi and SFIO.
Sebi is investigating a matter related to alleged lapses at Fortis and Religare Enterprises. Besides, the Serious Fraud Investigation Office (SFIO) has also initiated a probe into the alleged financial irregularities at the two companies. It is alledged that Fortis promoters Malvinder Singh and Shivinder Singh took at least $78 million out of the company without any board approval about a year ago.
On June 25, the Fortis board delayed the earnings release to Wednesday.
The company was to release earnings on June 11 but that was deffered as the board needed more time to consider the aspects of outcome of an internal investigation on alleged financial irregularities. Before this, the company was scheduled to announce the numbers on May 30.
The company will appoint an external agency of repute to undertake a scrutiny of the internal controls and compliance framework in order to strengthen processes and build a robust governance framework. Towards this end, the Company will also evaluate internal organisational structure and reporting lines, the delegation of powers of the Board or any committee thereof, the roles of authorised representatives and terms of reference of executive
committees and their functional role," it said in a release.
The Board is committed to fully co-operate with the relevant regulatory authorities to enable them to make a final determination on these matters and to undertake the remedial action, as required under, and to ensure compliance with, applicable Indian law, the statement read.
The company said its net debt stood at Rs 1,404 crore as of March 31 compared with Rs 1,279 crore in the same quarter last year.