Nawaloka Hospitals Group kicks off Rs. 350 m expansion in Negombo

Monday, 6 July 2020 01:40 - - {{hitsCtrl.values.hits}}

Nawaloka Hospitals Group is kicking off a Rs. 350 million expansion to its operations in Negombo.

The company said its fully owned subsidiary Nawaloka Medicare Ltd., will be constructing a six storied building in front of the existing Nawaloka Negombo Hospital.

The new unit will expand the services of OPD, ETU, pharmacy, channel consultations and inward patient rooms.

Construction work on the land taken on 30 year lease is to commence on Friday and will be completed by June next year.

In the first nine months of FY20, Group revenue was Rs. 6.6 billion, marginally up from Rs. 6.5 billion a year earlier whilst profit from operations has declined to Rs. 937.6 million from Rs. 1 billion.

Lower finance cost has helped pre-tax profit to be Rs. 84 million, up from Rs. 64 million and after-tax profit to Rs. 43 million, sharply higher from Rs. 18 million in the first nine months FY19.