November 20, 2017 / 6:34 AM / 2 years ago

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

JOHANNESBURG, Nov 20 (Reuters) - South Africa’s second-largest private hospital firm Netcare on Monday reported a 7 percent drop in full-year profit as tighter medical spending hurt its business both at home and in the United Kingdom.

Diluted headline earnings per share (EPS) declined to 108.6 cents for the year to end-September, compared with 117.1 cents the previous year.

“Funder-led demand management initiatives in both geographies impacted results,” the company said, adding that patient days were lower in South Africa, while higher revenue inpatient cases in the United Kingdom also declined.

Headline EPS is the main profit measure in South Africa and strips out certain one-off items. (Reporting by TJ Strydom; Editing by Vyas Mohan)

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