November 21, 2016 / 6:46 AM / 3 years ago

South Africa's Netcare posts drop in full-year profit

JOHANNESBURG, Nov 21 (Reuters) - South Africa’s second-largest private hospital firm Netcare reported a 31 percent drop in full-year profit on Monday as its operations in Britain weighed on earnings.

* Diluted headline earnings per share (EPS) fell to 117.1 cents for the year to end-September, compared with 170 cents the previous year.

* The results were hit by a non-cash fair value accounting charge related to property leases in the United Kingdom.

* Netcare runs Britain’s largest private hospital network, BMI Healthcare.

* Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

* When headline EPS is adjusted to separately disclose the exceptional nature of the swap instruments of the UK rent transaction, it totalled 199.5 cents, an increase of 5.6 percent.

* Final dividend per share up 5.6 percent to 57.0 cents

* Full-year revenue rose 12.1 percent to 37.8 billion rand ($2.62 billion)

* Demand for private healthcare services in SA is expected to remain resilient, the firm said.

* Britain’s decision to leave the European Union has had no measurable impact on the business to date, Netcare said. ($1 = 14.4517 rand) (Reporting by TJ Strydom; Editing by Joe Brock)

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