Mediclinic shares climb after it says it has stemmed the losses from Abu Dhabi
Company says the macroeconomic environment remains weak and medical scheme membership is stagnant
Mediclinic’s share price jumped more than 4% on Thursday morning after the private hospital operator released a trading update saying it had stemmed the losses from its Abu Dhabi acquisition. Mediclinic did not provide a forecast for how much its earnings were expected to rise or fall when it reports on May 24, but said its operations "all performed in line with expectations" during the year to end-March. Its Middle East operations would report an 8% decline in revenue to 3.1-billion United Arab Emirates (UAE) dirham (about R11.4bn), the update said. Mediclinic Middle East expects depreciation and amortisation of about 175-million UAE dirham and net finance costs of about 30-million UAE dirham. Its Southern African operations grew revenue 6.8% to R14.4bn with inpatient bed days increasing 0.9% and revenue per bed day increasing 5.8%. "These results were delivered against a continued weak macroeconomic environment, stagnant medical scheme membership and increased competition in the p...
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