Company Briefs (ST)
RELIGARE Health Trust recorded distributable income of $20.145 million for the year to March 31, 1.9 per cent below the $20.539 million the business trust had forecast at its initial public offering last October.
Revenue was 2.1 per cent ahead of the forecast at $49.63 million but operating expenses were higher than predicted, as the commencement of operations at the Gurgaon Clinical Establishment drove up costs, it announced yesterday.
Distribution per unit was 3.55 cents for the year, lower than the projected 3.61 cents. Net asset value per unit was 90.6 cents at March 31.
Religare also announced yesterday that chief operating officer Gurpreet Dhillon will become chief executive with immediate effect, succeeding Mr Ravi Mehrotra, who will remain as chairman. The move is to separate the roles of chairman and chief executive and is part of its succession plan.