November 14 (SeeNews) - Romania's privately-owned medical services provider MedLife [BSE:M] said on Thursday that its consolidated net profit jumped by an annual 51.8% to 19.4 million lei ($4.5 million/4.1 million euro) in the first nine months of 2019.
MedLife's sales grew 22.7% year-on-year to 711 million lei in the January-September period of 2019, the company said in an interim financial statement.
The group reported increased revenue across all segments.
MedLife clinics business line posted the highest revenue, of 215.1 million lei. This compares to 169.2 million lei generated in the segment in the same period of 2018.
The hospitals segment followed with revenue of 161.9 million lei in the review period, up from 118.2 million lei the year before.
The highest year-on-year rise in revenue was posted by the hospitals segment, followed by stomatology, which saw a 33.4% increase to 44.1 million lei.
MedLife's operating expenses rose 20.9% to 672 million lei in the review period.
Expenses for materials grew 27.5% to 115.1 million lei, while third party expenses, including doctors' agreements, jumped 28.4% to 192.4 million lei.
Salary expenses were 21.7% higher at 215.1 million lei.
In addition, the group's net financial losses more than doubled to 19.3 million levs from 9.1 million lei in the first three quarters of 2018.
MedLife carried out a string of acquisitions so far this year, including a 51% stake in Hungary's Rozsakert Medical Center Group, 65% stake in Badea Medica, 75% of Onco Team Diagnostic, 100% of Lotus Hospital, and 100% of Micromedica Medical Center.
As at 13:45 CET on Thursday, MedLife shares traded 0.61% higher at 33.2 lei on the Bucharest Stock Exchange.
(1 euro = 4.77 lei)