Netcare apologises again for organ scandal at annual results

2010-11-15 11:22

Hospital group Netcare apologised again today for the human kidney transplant scandal at its KwaZulu-Natal operations almost a decade ago.

“We sincerely and unreservedly apologise,” said group CEO Richard Friedland at the release of the group’s annual results for the year to September.

Netcare was fined R7.8 million last week after it pleaded guilty to unlawful surgeries in which human kidneys were illegally acquired and transplanted at one of the company’s hospitals in KwaZulu-Natal.

Friedland said it was “not acceptable and we certainly don’t condone it”.

He pointed out that Netcare was now a very different organisation to what it was seven to nine years ago when the illegal transplants took place.

“We now have policies and procedures necessary to ensure that something like this doesn’t happen again.”

Of the group’s performance, he said “it’s been a challenging year in both economies”, but the group had delivered a solid performance in both its South African and UK markets.

The rand’s strength in the past year had a significant impact on the results.

“Currency conversion had a major impact on both the year-end results and financial position of the group due to the prevailing strength of the rand relative to the pound during the year,” the annual report read.

“The average exchange rate used for converting income and expenditure was R11.63 to the pound compared with
R13.73 in the prior year, a change of 15.3%.”

Revenue grew in the UK and South Africa when measured in the local currency.

However, due to rand strength, the group’s revenue decreased by 3.3% to R22.474 million compared with the previous year.

Basic headline earnings per share increased by 26.2% to 98.7c.

Friedland said a stand-out feature of the South African set of results was the return to profitability of its primary healthcare division.

He also pointed out that Netcare had contributed R16 million to helping out during the public sector strike that happened between August and September.

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