Hospital operator Mediclinic sees full-year loss widen

FILE PHOTO: The Mediclinic logo is seen in Dubai, UAE February 28, 2017. REUTERS/Ahmed Jadallah/File Photo

JOHANNESBURG (Reuters) – Mediclinic International Plc (MDCM.L), owner of a chain of private hospitals in southern Africa, the Middle East and Switzerland, reported a net loss for the full year that ended on March 31, the company said on Tuesday.

The company reported a net loss of 315 million pounds ($394 million) for fiscal year 2019/2020 as compared with 151 million pound loss in 2018/19.

The British company, said its earnings before interest, tax, depreciation and amortisation (EBITDA) – its earnings from core business – came in at 480 million pounds, down 3% from the last fiscal year.

“A high degree of uncertainty remains regarding the progression of the pandemic and its full impact, which may well continue for at least the next 12 months,” Ronnie van der Merwe, Group Chief Executive Officer of Mediclinic said in a statement.

Mediclinic, which operates 77 hospitals in its three regions, suspended all non-essential capital expenditure and the dividend for the year to preserve cash during the pandemic, it had said in a statement in April.

($1 = 0.7997 pounds)

Reporting by Promit Mukherjee; editing by Jason Neely and Louise Heavens

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