Mediclinic Full-Year Sales Advance as Patient Numbers Increase

Mediclinic International Ltd. (MDC), South Africa’s largest private-hospital owner by market value, said fiscal full-year sales advanced 12 percent on higher patient numbers and rising average income per stay.

Sales rose to 24.6 billion rand ($2.58 billion) in the 12 months through March, the company said in a statement today, missing the 24.8 billion rand average estimate of 9 analysts surveyed by Bloomberg. Earnings per share adjusted for one-time items increased 53 percent to 2.73 rand, topping the average estimate of 2.66 rand.

“Despite regulatory uncertainties, we remain optimistic about our role in delivering quality care in the markets we serve, as confirmed by the substantial capital investments we are making in Southern Africa, Switzerland and the United Arab Emirates,” the Stellenbosch-based company said.

The shares rose 1.6 percent at 9:15 a.m. in Johannesburg, to 68.35 rand.

Mediclinic posted a net loss of 1 billion rand, compared with profit of 1.22 billion rand a year earlier, after a number of one-time items related to the refinancing of the company’s debt and costs related to the buy-out of the minority interest in Emirates Healthcare.

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

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net

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