IHH Healthcare Bhd's third-quarter profit rose 31%, partly due to a tax refund and lower borrowing rates that collectively resulted in lower net interest expense. However the bulk of the increase was due to the liquidation of its Bharat unit. "IHH Healthcare Third-Quarter Profit Rose 31%," at 1103 GMT, incorrectly said the 31% profit rise was due to income tax refunds and lower net-interest expenses as a result of lower borrowing rates. The error also occurred in a headline at 1031 GMT. The correct version follows:


 
   By Chester Tay 
 

IHH Healthcare Bhd's third-quarter profit rose 31%, partly due to a tax refund and lower borrowing rates that collectively resulted in lower net interest expense. However the bulk of the increase was due to the liquidation of its Bharat unit.

Net profit rose to 309.95 million ringgit ($75.8 million), while revenue fell 7.1% to MYR3.52 billion due fewer patients amid the pandemic, the hospitals operator said Thursday.

The substantive liquidation of IHH (Bharat) Ltd. resulted in the realization of a MYR193.5 million currency translation, it said.

For the first nine months of 2020, the group posted a net loss of MYR130.5 million compared with a net profit of MYR510.8 million a year earlier, while revenue fell 13% to MYR9.64 billion.

Despite the near-term challenges from Covid-19, the group said its longer-term trajectory remains intact, and it is well-prepared to ride out of the pandemic.

Write to Chester Tay at chester.tay@wsj.com

(END) Dow Jones Newswires

11-26-20 0758ET