Mediclinic Earnings Rise as Patients, Bed Income Increase

Mediclinic International Ltd., South Africa’s biggest publicly traded private hospital owner by market value, said first-half profit gained 18 percent as patient numbers and income per bed-day rose.

Net income climbed to 484 million rand ($61.4 million) for the six months through Sept. 30 from 410 million rand a year earlier, the Stellenbosch, South Africa-based company said in a statement today. Sales rose 19 percent to 10.5 billion rand and the company kept its dividend at 23 cents.

The number of patients admitted increased by 2.4 percent, while the average income per bed-day advanced 5.5 percent, Mediclinic said. Earnings at Hirslanden Holdings, a Swiss private medical-center operator, which Mediclinic bought in 2007, were boosted by a weaker rand to the Swiss franc.

Mediclinic, which also owns hospitals in the Middle East, said the number of licensed beds is expected to increase from 7,115 to 7,237 during the next six months.

“While Dubai is still quite small in terms of contributions, it’s showing our strongest growth and there are still many opportunities there,” Chairman Edwin Hertzog said in a telephone interview today.

The company’s shares fell 1.9 percent to 34.09 rand in Johannesburg, paring the gain this year to 17 percent. Competitor Netcare Ltd. (NTC) has dropped 9.7 percent this year, and Life Healthcare Group Holdings Ltd. (LHC) has rallied 30 percent.

To contact the reporter on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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