Annual Report 1999 - Parkway Pantai

Parkway Holdings Limited13In 1999, reflecting the recovery across many Asianeconomies, our operations in the region too turned in strongercontributions. During the year, the stronger performance by theGroup’s Asian operations was partially offset by the operatinglosses, totalling approximately $21.9 million, incurred by itsHeart Hospital in London. Notwithstanding these losses, theGroup turned in a pre-tax operating profit of about $48.7 millionrepresenting an increase of 31% compared to the $37.1 millionProfit Before Taxation($million)achieved in the previous year.7060In Asia, the Group saw a pick up across its regional businessesas well as higher arrivals of foreign patients into Singapore seekingmedical attention. This trend is expected to continue as theeconomic conditions in Asian countries improve. In 1999, theIndonesian and the Malaysian hospitals have turned in goodperformances with our hospitals in both countries reportingstronger cash flow positions.504030201001995 1996 1997 1998 1999At the Group level, our cash flow continues to improve as aresult of the interest savings from lower bank borrowings andthe stronger business performance of the entire Group.