Aster to sell loss-making Philippines operations

KOCHI: DM Healthcare Ltd said it has decided to close its operations of its loss-making clinics in Philippines, Aster DM Healthcare INC, by December 31,, 2019.

Aster DM Healthcare INC is a subsidiary of the Aster DM Healthcare, incorporated in Philippines and currently operates three clinics. The Philippines operations have reported revenue of Rs5.27 crore and a loss to the tune of Rs8.18 crore for the financial year ending March 31, 2019.

Aster DM Healthcare is currently present in the Middle East, India and Philippines. Its global network of 25 hospitals, 116 clinics and 238 Pharmacies are serving more than 10 million patients every year in 9 countries.

The management of DM Healthcare has entered into an agreement for the sale of two of its clinics in Philippines with Aventus Medical Care INC on December 12, 2019.

 

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