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Wakefield Hospital Interim Profit Up

Fuseworks Media
Fuseworks Media

Wellington, Nov 7 NZPA - Wakefield Health Ltd today reported profit after tax from continuing operations of $6.13 million for the six months ended September 30, up 35.8 percent on last year.

Net profit after tax was up 63.2 percent but the previous year included a large loss from the disposal of an investment in P3 Research Ltd.

The company declared an interim dividend of 10c a share, payable on December 5.

Solid growth was maintained across each of the company's three hospitals but the company said it could not predict demand for private hospital services in the current economic environment. Elective surgery performed under contract from District Health Boards had added to the use of company facilities, but it was unpredictable in its extent and timing.

The company entered into a contract with the Capital and Coast District Health Board in October to complete 30 cardiac operations before December 24, and has received indications of a likely further contract for a similar number in the first quarter. The company is commissioning its seventh operating theatre at Wakefield Hospital with full digital capability, as well as retro-fitting another theatre as a digital theatre. It is in the final design phase for the redevelopment of Bowen Hospital. The company is looking at opportunities in the Auckland region but is taking a cautious approach.

Results for the second half of the financial year are traditionally lower than the first half.

"It is currently unclear as to the extent to which the slowing economy will impact second half results. There may be some effect on privately funded surgery and potentially on the uptake of health insurance, and pressure on costs, but this is not expected to become evident until later in the year," said chairman John Calder.

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