Netcare sends backup as second wave hits Eastern Cape
Private hospital group Netcare is sending additional staff to its Eastern Cape facilities and considering suspending elective surgery as the number of Covid-19 in the Eastern Province has recently spiked to 6 285. Earlier in November the Nelson Mandela Bay’s public hospitals ran out of beds in their intensive care units.
Unlike the Western Cape, which reached an agreement earlier this year with private hospitals to admit state Covid-19 patients should the need arise, no formal arrangement is in place for the Eastern Cape health department.
Netcare Financials: Revenue declined by 12.7% to R18.84-bn. Normalised earnings before interest, tax, depreciation and amortisation (Ebitda) were 52.4% lower at R2.09-bn, with the Ebitda margin contracting to 11.1%. The group estimated lost revenue at R3.7-bn and a loss of R2.3-bn in Ebitda as a result of the pandemic. Its profits after tax declined by 78.1% to R515-m. Adjusted headline earnings per share declined by 72.2% to 47.6 cents a share. The group opted not to declare a final dividend in light of the uncertainty created by Covid-19. – (Business Day 24 Nov 2020)