Asiri Hospitals PLC, one of the major players in the country’s privately owned healthcare industry, has remained profitable in the year ended March 31, 2009 despite high finance charges incurred in expansion.

The Asiri group comprises the parent and Asiri Surgical Hospital PLC, Asiri Central Hospital PLC and Central Hospital (Pvt) Limited currently under construction together with Asiri Diagnostic Services (Pvt) Limited and Asiri Hospital Matara (Pvt) Limited.

The year under review saw the Asiri group growing its profit after-tax to Rs.198.1 million from Rs.138.8 million a year earlier while at company level the profit was up to Rs.133 million from Rs.108.7 million.

Rs.77.7 million on the group profit (Rs.57.5 million the previous year) was attributable to equity holders of the parent company.

Asiri owns 29.55% of the Asiri Surgical and 55.59% of Asiri Central. Its holding in Central Hospital (Pvt) Ltd is 8.28% and total investments in subsidiaries as at March 31, 2009 was stated at Rs.2.3 billion the annual report said.

The company’s Chairman, Dr. D.S. Rajapaksa has said in his review that it was clear that the government’s ability to cater to the demand for healthcare from the people is limited and it was up to the private sector to fill that void.

Asiri Hospitals, now the virtual holding company of the group, had grown its after-tax profit 22% during the year under review, he noted.

The group boasts a vast array of medical novelties and medical firsts in Sri Lanka in terms of equipment and infrastructure facilities including the country’s only genetic laboratory.

Their Heart Centre at Asiri Surgical comprises a state-of-the-art cardiology unit dedicated to provide total cardiac care including a cardiac surgery unit with hi-tech equipment.

Rajapaksa reported that their new Rs.4 billion hospital, "The Central", which will be their flagship facility was due for completion soon.

"This facility will focus on neurosciences and is sure to boost the image of Asiri not just in the island and in South Asia but hopefully further afield too," he said.

The company has a stated capital of Rs.1.64 billion, up from Rs.711.4 million the previous year following a rights issue of one for four priced at Rs.52.

Group finance cost during the year had grown to Rs.610.5 million from Rs.455.9 million the previous year and interest bearing loans and borrowings were running at nearly Rs.3.1 billion (non-current) and Rs.596.9 million (current).

The directors have recommended that the interim dividend of Rs.0.75 per share paid last December be considered the final dividend for the year ended March 31, 2009.

Softlogic Holdings (Pvt) Ltd. with 20.35% of the company followed by the Life Fund of the Sri Lanka Insurance Corporation (15.48%) and the General Fund (11.47%) are the major shareholders of the company. An Employees Share Trust with Jacey Trust Services as Trustees owns 8.35% of the company.