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Netcare, SA’s third-most valuable hospital operator, has seen a rise in profit margins as the number of Covid-19 admissions has fallen substantially.

The hospital group’s core profit margin, a measure of operational profitability, rose to 15.8%, from 14.8% in the previous comparative period, but Netcare’s update for the six months to end-March, released on Tuesday, implies that profit is expected to still be at least 30% below pre-Covid-19 levels. Netcare normalises the measure to exclude non-trading income or expenses...

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