Mediclinic reports steady interim earnings

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The private hospital group saw revenue increase to 14.1 billion rand for the six months ending 30 September 2013 from 11.6 billion rand for the same period in 2012.

“We note continued positive contributions from all our operating platforms during the six months under review. Our steady earnings momentum is supported by general increases in bed-days sold, average income per bed-day, number of patients admitted and the average length of stay, as acuity levels continue to rise,” said Mediclinic International chief executive Danie Meintjes.  

“We have benefited from our refinanced capital structure and the acquisition of minorities in Mediclinic Middle East, as we continue to grow our business. Hirslanden Private Hospital Group has made a particularly pleasing contribution in this period and provides further testimony to the resilience of our revenue and earnings streams across our diverse platforms in Southern Africa, Switzerland and the United Arab Emirates.”

Operating profit before depreciation rose 26 per cent from 2.4 billion rand for the six months ended 30 September 2012 to three billion rand for the 2013 period.

Profit before tax increased from 1.3 billion rand in 2012 to 1.8 billion rand in 2013 and headline earnings went up 67 per cent from 840 million rand to 1.4 billion rand.

Basic earnings per ordinary share increased by 40 per cent from 123.7 cents in 2012 to 173.5 cents in 2013.   

“The expected completion date of the North Wing expansion project of Mediclinic City Hospital is in the second quarter of 2015. As previously reported, this project will include a state-of-the-art oncology unit developed in association with Hirslanden and create capacity for the extension of Mediclinic City Hospital facilities,” said Meintjes.  

“Mediclinic Middle East’s first clinic in Abu Dhabi, Mediclinic Corniche, is expected to open in February 2014. We continue to invest for growth in anticipation of the continuing increase in demand for cost-effective quality healthcare.”