Currency swings boost Mediclinic profit

Johannesburg - Mediclinic [JSE:MDC], South Africa's biggest private hospital operator by value, reported a 10% increase in first-year profit on Thursday, helped by favourable currency swings and a solid showing at home.

Mediclinic, which also operates in Switzerland and the Middle East, said diluted headline earnings per share totalled 185.3 cents in the six months ended September compared with 169c a year earlier.

Revenue increased 19% to R16.8bn, partly boosted by favourable exchange rates. The rand weakened more than 13% against the Swiss franc during the reporting period.

Mediclinic, along with rivals Life Healthcare [JSE:LHC] and Netcare [JSE:NTC], is benefiting from increasing demand at home as a growing middle class takes up medical insurance and ditches public hospitals, which are often short of staff, equipment and medicines.


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