The estimated growth is satisfactory compared with other hospitals of similar size, administrative director Ampai Payakkong said yesterday.

She said revenue growth since the airport opened had exceeded 20 per cent due mainly to a higher number of patients.

Inauguration of the hospital's specialised cardiac and orthopaedic centres had also given a big boost to revenue, she said.

"These centres have built up the hospital's image from a general hospital to a specialised one," Ampai said.

Regarding progress towards establishing a neuroscience centre, she said the hospital was conducting a feasibility study.

If the plan to set up the centre goes ahead, it will be completely established within calendar year 2007.

Thai Nakarin Hospital's net profit in its first quarter ending October 31 chalked up a 190-per-cent increase year on year from Bt11.6 million to Bt33.8 million.

Its gross profit in the period improved from 27.4 per cent to 34.7 per cent due to economies of scale, an increase in revenue per patient and cost control.

A reduction in corporate income tax, which fell from 30 per cent to 20 per cent due to a tax privilege from listing on the Market for Alternative Investment, also boosted its profitability.

Ayudhya Securities has recommended "buy" for the hospital's stock with a revised fair value for 2007 from Bt6.95 to Bt9.91 per share.

The brokerage has raised its earnings forecast for the hospital by 42 per cent to Bt118 million for its fiscal year 2007 and by 40 per cent to Bt146 million for its fiscal year 2008.

The upgrade was based on growth in revenue per patient, which increased from 10 per cent to 12 per cent year on year and a 10-per-cent increase in the number of patients, up from 5 per cent in the previous year.