Netcare share drops sharply as group falls into full-year loss — but maintains dividend
Netcare booked R5.6bn in accounting losses for its 2017 financial year, resulting in a net loss of R2.7bn for the year to end-September from a profit of R1bn in its 2016 financial year. Despite reporting a net loss, Netcare maintained its final dividend at 57c, holding its dividend for its 2017 financial year level at 95c. Its share price fell as much as 7% to R21.44 after the results were released on Monday morning. The private hospital operator reported revenue declined by 9.6% to R34bn. The rand strengthening against the pound reduced revenue by R3.65bn. Netcare said its average exchange rate during its 2017 financial year was R16.94/£, making the rand 19.5% stronger than the average rate of R21.04/£ during its 2016 financial year.
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