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Oct 31 2008

Swiss hospitals make Medi-Clinic sweat

Published by at 10:37 pm under Companies,More News

This just for the record – my records here on the blog.

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One Response to “Swiss hospitals make Medi-Clinic sweat”

  1. adminon 06 Nov 2008 at 9:46 am

    Business Report 6/11/2008

    It sweats due to Hirslanden, but the Swiss hospital group also generates almost half Medi-Clinic’s revenue!

    Business Report had this to say about Medi-Clinic and its financial results:

    “Yesterday Medi-Clinic reported a 12% decline in earnings to R334 million for the six months to September due to higher finance charges relating to the Hirslanden acquisition. Revenue rose 132% to R7.5 billion and operating profit 118% to R1.2 billion, but finance costs of R724 million damped the performance. The half-year results were not comparable with a year earlier, due to the Hirslanden purchase.

    “Hirslanden had performed beyond expectations and bade well for its offshore growth potential, the group said.

    “Lizelle Wentzel, a healthcare analyst at Frost & Sullivan, said Medi-Clinic’s offshore operations were becoming increasingly important, with Hirslanden contributing just less than half of its revenue.

    The group would keep on investing. In SA it plans to spend R606 million, in the Middle East R32 million and R235 million in Switzerland.

    Projects under way in South Africa include the Cape Gate Medi-Clinic in Kraaifontein, a R278 million hospital with 140 beds. Construction is due for completion in 2010. The Hermanus Medi-Clinic will be expanded and there are projects at the Panorama, Sandton and Morningside Medi-Clinics.

    Offshore the group commissioned its new City Hospital in Dubai following the acquisition last October of Swiss hospital group Hirslanden.”

    Christo

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