Mediclinic normalised Heps up 53%

Johannesburg - Healthcare provider Mediclinic Corporation [JSE:MDC] on Wednesday reported a 53% increase in basic normalised headline earnings per share to 273.2 cents for the year ended March 2013. The final dividend per ordinary share was increased to 60.5c from 55.0c.

Mediclinic reported a strong performance by all three operating platforms in Southern Africa‚ Switzerland and the United Arab Emirates‚ as well as a successful conclusion to its R5bn rights offer.

The strong results were due to increased patient admissions and bed-days sold combined with an increased average income per stay.

Group normalised revenue increased by 12% to R24.713bn‚ while normalised operating profit before interest‚ tax‚ depreciation and amortisation was 15% higher at R5.379bn.

The average ZAR/Swiss franc (CHF) exchange rate was R9.05 compared to R8.45 for the comparative period and the average UAE dirham (AED) was R2.32 compared to R2.03 for the comparative period. These movements in the exchange rates had a positive effect on the reported results.

The number of licensed hospital beds in Southern Africa increased from 7 378 to 7 436.

The Competition Commission is set to initiate an inquiry into the private healthcare sector within the year. Mediclinic is engaging with the Commission and the draft Terms of Reference and the envisaged process have been discussed. The Commission hopes to finalise the inquiry by December 2014.

Affordability of healthcare remains a global concern and Mediclininc expects continuous focus from regulatory authorities to ensure access to healthcare by the broader population.

Despite regulatory uncertainties‚ Mediclinic is optimistic about that its future role in delivering cost effective quality care in the markets that they serve‚ as confirmed by the substantial new capital investments we are making in Southern Africa‚ Switzerland and the United Arab Emirates. 
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