BANGKOK — Leading hospital operators in Southeast Asia suffered a heavy blow to profits last year as coronavirus travel restrictions squeezed cash cow services aimed at medical tourists.
Bangkok Dusit Medical Services, which operates nearly 50 hospitals mostly in Thailand, logged a 54% plunge in net profit on a 22% decrease in revenue.
As one of Southeast Asia’s largest hospital chains, BDMS in a typical year makes roughly 30% of its revenue from overseas patients who travel to its facilities to receive care. But the company said it saw a 43% drop in such patients last year mainly from the Middle East, Australia and Myanmar, due to travel restrictions.
Malaysia’s IHH Healthcare suffered a 48% drop in net profit on a 10% decrease in revenue. The company operates 80 hospitals in 10 countries, including Malaysia and Singapore.
Travel restrictions were responsible for up to a 75%…
