Apollo Hospitals, British American enter hospital JV in Mauritius

Mumbai: Apollo Hospitals Enterprise Ltd has entered into an agreement with British American Investment Co (Mauritius) Ltd (BAI) for setting up a joint venture multi speciality hospital in Mauritius.

The joint venture company, British American Hospitals Enterprise Ltd (BAHEL), has been formed and will come up on a state land provided by the government of Mauritius, the company said in filing with the Bombay Stock Exchange (BSE).

Apollo Hospitals Enterprise signed the joint venture agreement with BAI and its subsidiary BAI Medical Centres Ltd (BMCL) and BAHEL on July 31, the release said.

Apollo Hospitals will hold 26 per cent of the total equity capital of the joint venture company while BMCL will hold the balance 74 per cent, the statement added.

Apollo Hospitals Enterprise reported a phenomenal jump of 66.67 per cent in net profit, supported by improved margin and robust growth in other income, for the quarter ended June 2007. During the quarter, the company''s profit increased to Rs30 crore from Rs18 crore million in the same quarter of the previous year.

Net income for the quarter rose 22.45 per cent to Rs249.8 crore while total income surged 26.41 per cent to Rs259.4 crore as compared to the corresponding year-ago period. Other income for the quarter jumped 8 times to Rs9.6 crore.

The earnings per share for the quarter jumped 62.92 per cent to Rs5.80.

Shares of the company, however, dropped Rs5.75, or 1.16 per cent, to settle at Rs489.75 on a week Mumbai market.