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Mediclinic Full-Year Sales Climb as Patient Numbers Increase

May 22 (Bloomberg) -- Mediclinic International Ltd., 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 nine 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.

Revenue growth was achieved through a 3.5 percent increase in bed-days sold and a 4.6 percent increase in the average income per bed-day as Mediclinic added more doctors and opened additional capacity, the company said. A weaker rand against the Swiss franc and United Arab Emirates dirham had a positive effect on results, Chief Financial Officer Craig Tingle said in a presentation in Stellenbosch today.

The shares rose 1.8 percent to 68.49 rand by the 5 p.m. close in Johannesburg.

“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 company said.

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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