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Share price of Fortis Healthcare is trading 8 percent off day's low after its plunged 6 percent in the opening trade on Wednesday. The company reported Q4FY18 loss of Rs 932.02 crore, which included an exceptional loss of Rs 833.5 crore.
The company posted a net loss of Rs 68 crore during the same quarter of previous year. Revenues from operations or total income declined 4.69 percent to Rs 1,105.09 crore in Q4FY18, compared to last year's Rs 1,159.5 crore.
Provisions in Q4 FY18 were related to certain amounts totaling to around Rs 580 crore due to the company, the recoverability of which is doubtful.
"These pertain to certain inter corporate deposits of Rs 445 crore, loans given to body corporates and interest thereon of Rs 25.5 crore, an advance and security deposit given to body corporate along with impairment of Capital Work-in-Progress (CWIP) of Rs 53.3 crore, loan given to Fortis C-Doc and interest thereon of Rs 16.2 crore, certain other amounts recoverable of Rs 12.7 crore and other exceptional items of Rs 26 crore," Fortis said.
For the full year ended March 2018, Fortis posted a loss of Rs 1,009.23 crore versus a profit of Rs 421.7 crore in previous year. Revenues declined 0.28 percent to Rs 4,573.7 crore in the same period.
At 09:47 hrs Fortis Healthcare was quoting at Rs 135.40, up Rs 0.90, or 0.67 percent on the BSE.
Posted by Rakesh Patil
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