Chennai-based Fortis Malar Hospitals, a subsidiary of Fortis Healthcare (India), has wiped out its accumulated losses in the second quarter. Malar, which was acquired by Fortis in 2007, had a Rs 20-crore debt. “All of that has been wiped out this quarter and we are ready to expand,” said Mr Krish Ramesh, Zonal Director, Fortis Malar. For the quarter ended September 30, 2011, Fortis Malar's net profit stood at Rs 2.51 crore against Rs 1.26 crore during the same period last fiscal. Its revenue grew 16.4 per cent to Rs 24.46 crore. Operating profit (EBIDTA) for the quarter was Rs 3.73 crore – a growth of 14 per cent over the corresponding quarter of last fiscal. “The growth was mainly driven by cardiac sciences, renal sciences, gastroenterology sciences and oncology which grew 10 per cent, 66 per cent, 15 per cent and 255 per cent, respectively compared to the corresponding period of last fiscal,” said the company. Malar plans to increase its bed-strength from 300 to 1,000 this year, at an outlay of Rs 250-300 crore. –