MedLife records 31 pct higher turnover but halves net profit in Q1 2019

Anca Alexe 15/05/2019 | 09:41

Private medical services provider MedLife had a turnover of RON 231 million in the first three months of 2019, a result 31.1 percent higher than the one recorded in the same period of 2018. However, the company’s net profit dropped by 46 percent year-on-year.

MedLife’s operational revenues reached RON 233 million in Q1, 32.1 percent higher than in Q1 2018. In the same period, operational spending experienced a similar increase of 30.7 percent to RON 218 million.

Operational profit increased by 56.3 percent compared to Q1 2018 to RON 15 million, but higher interest rates, higher debts and expansion efforts led to a more than threefold increase of financial losses, which reached RON 11.1 million. This impacted the net profit, which dropped by 46 percent to RON 2.37 million.

At the beginning of 2019, MedLife carried out its first international expansion by acquiring the majority stake in Hungary’s Rozsakert Medical Center.

MedLife’s total consolidated assets on March 31 reached a value of RON 873.3 million, 15.7 percent higher than at January 1, 2018. In the same period, total debts increased by 20.9 percent to RON 695 million.