Hong Kong’s private CUHK Medical Centre posts higher-than-expected annual loss of HK$734 million
- Private hospital records annual loss about 30 per cent more than HK$564 million initially forecast under loan renegotiation
- But Chinese University of Hong Kong remains ‘confident’ it can reach break-even point by next year
The private hospital run by the Chinese University of Hong Kong (CUHK) lost HK$734 million (US$94 million) in its past financial year, about 30 per cent more than initially estimated as part of a renegotiation plan for a HK$4 billion government loan.
But the university remains “confident” that the hospital can reach break-even point by next year as originally forecast, according to a first-of-its-kind report on its financial health submitted to the Legislative Council panel on health services on Monday.
The CUHK Medical Centre recorded the loss in the 12 months to June 30, 2023, which is about 30 per cent more than the HK$564 million initially forecast as part of a loan renegotiation plan signed last year.
The medical centre’s higher-than expected deficit was partly because of higher costs of medications and medical supplies.
The facility recorded a HK$170 million loss before interest, tax, depreciation and amortisation between July 1 and December 31 last year, 21 per cent more than estimated.