[ad_1]
Netcare expects a profit loss of R2.3 billion due to Covid-19.
South Africa’s third-largest hospital group, Netcare, has warned it could report a loss of R2.3 billion as patients turned away from surgeries in the wake of the Covid-19 pandemic.
In a business update published Thursday, the company calculated its revenue loss due to the pandemic in the region of R3.7 billion. Netcare, which ranks third in size compared to companies like Mediclinic and Life Healthcare, is expected to report its annual results next week.
Netcare has seen fewer patients than normal in its hospitals, after their surgeries were postponed when South Africa entered its hard lockdown in March. The group that operates 56 acute care hospitals, with 10,471 beds, ended its year with full-week occupancy levels of 52.5% compared to 66% in 2019 and 56% midweek occupancy, compared to 71, 6%.
The company’s shares closed more than 5% lower after the update.
We live in a world where fact and fiction blur
In uncertain times you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analysis, investigative journalism, leading opinions and a variety of features. Journalism strengthens democracy. Invest today in the future.
