LOWER-than-expected bed occupancy rates (BORs) affected the recovery of KPJ Healthcare Bhd in what it deems as a “washout year” for the healthcare industry despite operating in the most resilient of industries known to withstand tough economic conditions. The country’s largest listed private healthcare group by capacity closed its financial year ended Dec 31, 2020 (FY2020) with a net profit of RM110.44 million, nearly half the RM211.37 million reported in FY2019, as revenue fell 12% year on year (y-o-y) to RM2.4 billion from RM2.74 billion. This was mainly due to the unprecedented impact of the Covid-19 pandemic and consequent movement restrictions on inpatient demand as BORs slumped to a record low at the peak of the first Movement Control Order last year.