Data provided by McGregor BFA
All data is delayed
Loading...
See More

Netcare profit up 16%, outlook cautious

May 16 2011 07:58 Reuters

Related Articles

Nurses in strike threat

Third union declares Netcare dispute

Get a high and steady income

Netcare workers on full-blown strike

Netcare pledges to do more on BEE

Lesotho key to Netcare Africa growth

Netcare a picture of health

 
Johannesburg - Netcare [JSE:NTC], South Africa's largest private hospital group, reported a 16% increase in first-half profit, boosted by cost cuts and a strong performance in its core market.

Netcare, which also operates clinics in Britain, said diluted headline earningsper share for the six months to end-March climbed to 46.5c, compared with 40c a year earlier.

Headline EPS, the main measure of profit in South Africa, excludes certain one-off items.

"A strong performance in South Africa offset weaker results in the UK, which were negatively impacted by the challenging economic environment," Netcare said in a statement.

Demand for private healthcare in South Africa has increased in recent years as a fast-growing middle class signs up for health insurance, but recessions in both South Africa and Britain have hit self-funded treatments.

Netcare said revenue rose to R11.4bn, compared with R11.04bn in the corresponding period.

The company said it expects its UK business to continue to be squeezed by the recession.

The hospital group was fined R7.8m last year after admitting to unlawfully acquiring and transplanting kidneys, including some taken from children.

Shares in Netcare have shed around 8.8% so far this year, lagging behind rival Life Healthcare Group Holdings [JSE:LHC], which is up 11% and Medi-Clinic Corporation [JSE:MDC], which is up 1.2%.
netcare
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

'Zuma's legacy will be judged by Nkandla'

The legacy of President Jacob Zuma is contingent on how he deals with the issue of upgrades to his Nkandla homestead, says Cape Town Archbishop Thabo Makgoba.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...