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Thu 17 Oct 2019 11:48 AM

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Mediclinic earnings rise amid improving Middle East business

Mediclinic Parkview Hospital in Dubai has been ramped up over the last six months

Mediclinic earnings rise amid improving Middle East business
In the Middle East, the firm’s business was bolstered by the ramp-up of Mediclinic Parkview Hospital in Dubai and an improvement in its business in Abu Dhabi.

Health company Mediclinic International Plc expects increased first-half core earnings following adjustments caused by regulatory changes in Switzerland and solid performances from its Middle Eastern and African businesses, the company said on Wednesday.

The company – which is listed in both London and Johannesburg – said that its reported revenue for the six-month period ending on September 30 was 9 percent higher, while earnings before interest, tax, depreciation and amortisation (EBITDA) before newly implemented accounting rules was up approximately 5 percent.

In Switzerland, Mediclinic has faced tightening restrictions that have put pressure on margins, including a less favourable insurance mix and reductions on tariffs for outpatients.

Hirslanden, the Switzerland-based business that accounts for approximately 50 percent of Mediclinic’s revenue, saw revenue go up by about 5 percent.

“Hirslanden has continued to make good progress in adapting the business to the regulatory changes affecting the Swiss healthcare system,” Mediclinic said in a statement. “Performance during the first six months of the financial year was in line with expectations.”

In the Middle East, the firm’s business was bolstered by the ramp-up of Mediclinic Parkview Hospital in Dubai and an improvement in its business in Abu Dhabi.

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