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Netcare profit up 16%, outlook cautious

May 16 2011 07:58 Reuters

Company Data

MEDICLINIC INTERNATIONAL LIMITED [JSE:MDC]

Last traded 92.63
Change 0.24
% Change 0.00
Cumulative volume 664231
Market cap 80.40bn

Last Updated: 29/08/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

LIFE HEALTHCARE GROUP HOLDINGS LTD [JSE:LHC]

Last traded 44.78
Change -0.02
% Change 0.00
Cumulative volume 1715201
Market cap 46.67bn

Last Updated: 29/08/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

NETCARE LIMITED [JSE:NTC]

Last traded 32.31
Change -0.24
% Change -0.01
Cumulative volume 2817436
Market cap 47.76bn

Last Updated: 29/08/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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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%.
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