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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Durdans expect international accreditation in 2012/13

Durdans expect international accreditation in 2012/13

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Continues investment, boosts profit

Ceylon Hospitals PLC, owners of Durdans Hospital in Colombo, has posted a turnover of Rs.3.45 billion in the year ended March 31, 2012, up from Rs.3.05 billion a year earlier and a profit after-tax of Rs.289 million, up from Rs.158 million the previous year.

The company was seeking a world recognized international accreditation which would give greater meaning to the exceptional standards maintained within the organization. They expect to obtain such accreditation during the current financial year, the company’s Chairman/CEO, Mr. Ajith Tudawe, has told shareholders in its annual report.

He said their journey over the decades had been remarkable, but not always smooth, with the challenges faced sharpening their capabilities.

The private healthcare industry has for several years been a focus of interest and investment. There were several reasons for this - primarily the fact that the public healthcare system will always be stressed.

To provide free healthcare to the nation in a challenging environment will never be easy with negative lifestyles responsible for many health conditions faced by people today. The country is also burdened with an aging population.

The private healthcare industry which had seen rapid expansion in the last few years confirms the response to the healthcare needs that have evolved.

Tudawe explained that the company’s finance cost had increased due to investments that are being made with the cost on that account rising to Rs.163 million from the previous year’s Rs.151 million. Despite such pressure on the bottom line, their profit after-tax had grown 82% to Rs.288 million.

Their newest venture, Durdans Medication and Surgical Hospital, was proving to be a success with the facility commissioned 18 months ago still seeing phased-out launching of its many areas of speciality.

"Durdans Hospital is renowned for leading the innovations in private healthcare by learning from the developed world," Tudawe said. "From the time we embarked on cardiac care, we have made it our responsibility to understand the emerging needs of the local market and to be able to create the best solution using the most advanced technology available in the relevant discipline."

Ceylon Hospitals has a stated capital of Rs.916.4 million, a revaluation reserve of Rs.532.3 million and revenue reserves of Rs.985.9 million in its books. Total assets were running at Rs.4.93 billion, non-current liabilities at 1.21 billion and current liabilities at Rs.796.6 million.

Net assets per share had grown to Rs.69.41 from Rs.59.09 the previous year while the voting share traded at a high of Rs.114 and a low of Rs.69 during the year. This compared to a trading range of Rs.134.20 to Rs.84 the previous year.

The non-voting share traded at a high of Rs.94 and a low of Rs.52.10 during the year against a trading range of Rs.110 to Rs.65.50 the previous year.

The directors have said that following an interim dividend of Rs.1.50 per share to both voting and non-voting shareholders paid in June last year no further dividend is being recommended.

Durdans Management Services with 64.67% is the company’s biggest voting shareholder while the EPF with 13.83% is the biggest non-voting shareholder. Other big voting shareholders are the National Equity Fund (3.80%) and the EPF (2.51%).

The directors of the company are: Messrs. Ajith Tudawe (Chairman/CEO), Upul Tudawe, Dr. A.D.P.A. Wijegoonewardene, S.P. Tudawe, Dr. K.A.T.W.P. Jayawardene, Dr. A. Dharmawansa, Y.N.R. Piyasena, A.S. Abeyewardene and Dr. N.Y. Wijemanne.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=57357

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