Even though its revenues rose by 70 per cent, Fortis Healthcare (India) on Monday reported a consolidated net loss of Rs 12.59 crore in the July-September quarter as rising interest costs, forex movements on foreign currency convertible bonds and start-up losses in newly commissioned facilities hit hard.

In the same quarter in 2010, Fortis had reported nearly Rs 75 crore net profit.

Yogesh Kumar Sareen, CFO of Fortis Healthcare said in a conference call that the forex losses were translational in nature due to dollar-denominated debt but Indian rules require them to recognise foreign exchange fluctuation differences in the profit and loss account.

Operating revenues for July-September stood at Rs 610 crore with the hospital business contributing Rs 483 crore while the diagnostics business (SRL) accounted for Rs 127 crore, said Aditya Vij, CEO of Fortis. The company also indicated that an IPO of SRL might hit the capital market in the last quarter (January-March 2012), if conditions permit.

Operating EBITDA in July-September quarter stood at Rs 87 crore, up 75 per cent over corresponding year figures. This represented an overall margin of 14.3 per cent. Upon integration with Fortis Healthcare International, Fortis Healthcare India officials pointed that margins should not decrease.

Shares of Fortis Healthcare closed 4.2 per cent down at Rs 123.40 on the BSE, valuing the company at Rs 5,000 crore.

PTI adds: Fortis Healthcare India will raise $175 million (about Rs 880 crore) through debt by the end of the calender year to partly fund acquisition of Fortis Healthcare International Pte from a firm owned by its promoters, the Singh brothers.

"We will raise $175 million in debt before the end of the calender year to fund the acquisition of Fortis Healthcare International Pte," Fortis Healthcare India CEO Aditya Vij said on Monday.

Fortis Healthcare India had agreed to pay $665 million (around Rs 3,270 crore) to acquire Singapore-based Fortis Healthcare International Pte (FHI) from RHC Financial Services Mauritius, which is owned by its promoters, the Singh brothers.

Earlier this month, the board of directors of the company approved consideration of $665 million for the full acquisition of FHI.

This acquisition is a part of consolidation of domestic and global operations of the healthcare group, which gave up the bid to control Singapore-based hospital chain Parkway Holdings to Malaysia's Khazanah in July last year.

FHI, which was set up last year to pursue overseas business, has made seven acquisitions in 10 markets, including Hong Kong-based Quality HealthCare Asia.

After the consolidation, the combined network will have over 74 hospitals, with more than 12,000 beds, 580 primary care centres, 188 day care speciality centres, 190 diagnostic centres and a base of over 23,000 employees.