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Mediclinic News : MEDICLINIC H1 CORE PROFIT DOWN 8 PERCENT ON WEAK SWISS PERFORMANCE, SHARES FALL

Title

MEDICLINIC H1 CORE PROFIT DOWN 8 PERCENT ON WEAK SWISS PERFORMANCE, SHARES FALL

Date

2018-11-15

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News Description

AFRICAN NEWS 24-7 Mediclinic International Plc reported an 8 percent decline in half-year core profit on Thursday, reflecting a disappointing performance from its Swiss operation Hirslanden due to regulatory changes in the country’s healthcare market. A constituent of London’s FTSE 100 index with a secondary listing in Johannesburg, Mediclinic has faced stricter regulations this year in Switzerland that have hobbled growth. These include tariff reductions for outpatients and less favourable insurance mix. The private healthcare group reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of 213 million pounds ($277 million) for the six months to September 30, down from 232 million a year earlier. The company said it took a non-cash impairment charge on the equity investment in Spire Healthcare of 164 million pounds and non-cash Hirslanden impairment charges of 98 million pounds. The charges resulted in the private healthcare provider reporting a wider loss of 168 million pounds from a loss of 50 million pounds a year earlier. “The group’s first half financial results were disappointing,” group Chief Executive Ronnie van der Merwe said in a statement. “The poor performance in Switzerland more than outweighed the revenue growth and margin expansion delivered by the Southern Africa and Middle East divisions.” Johannesburg-listed shares of Mediclinic were down 6.51 percent to 62.30 rand, while the London-listed shares were down 4.27 percent at 0922 GMT. ($1 = 0.7716 pounds) (Reporting by Nqobile Dludla; editing by Jason Neely and David Evans)
Created at 2018/12/05 09:16 AM by Mediclinic
Last modified at 2018/12/05 09:16 AM by Mediclinic