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Netcare sees 85% drop in full-year profit

Non-emergency procedures, which account for the largest part of their business, postponed due to pandemic.
Image: Moneyweb

South African hospital network operator Netcare said on Thursday it expected its profit for the full year ended September 30 to drop by between 80% and 85% because of the impact of the new coronavirus on its business.

Its adjusted headline earnings per share (Heps), the main measure of profit for companies operating in South Africa, is expected to be between 25.7 cents and 34.2 cents. This is against the 171.2 cents the company reported for the same period a year ago.

“The last seven months of FY2020 was one of the most extraordinary periods in the group’s 23-year history,” the company said in a trading statement.

Netcare and other private hospital networks in the country have suffered as people postponed non-emergency procedures, which account for the largest part of their business.

It is estimated that the pandemic resulted in the loss of approximately R3.7 billion in revenue and R2.3 billion in operating profit, Netcare, which is among the country’s top three private hospital chain operators, said.

The company will announce its full year results on November 23.

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