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Weak rand, rising demand boost Netcare profit

Johannesburg - South Africa's second-biggest private hospital operator Netcare [JSE:NTC] posted a 19.6% rise in half-year profit on Monday, helped by strong demand at its home market and favourable currency swings.

Netcare, which also runs Britain's largest private hospital network, BMI Healthcare, said adjusted headline earnings per share totalled 91 cents in the six months to the end of March compared with 76c a year earlier.

Sales grew about 6% to R16.3bn, currency conversion adding R268m. The rand was nearly 4% weaker than at the same time a year ago.

While demand for private healthcare is increasing in South Africa thanks to a fast-growing middle class, tentative economic growth in the United Kingdom has led to a drop in the number of Britons with private medical insurance.

Shares in Netcare, which are up about 6% so far this year, rose 2.45%t to R40.10 by 07:03 GMT, outpacing a 0.6% gain in the JSE Top-40 index.

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