November 11 (SeeNews) - Romanian private healthcare services provider MedLife Group [BSE:M] said on Friday its net profit fell by 42.4% on the year during the first nine months of 2022, to 56.84 million lei ($11.55 million/11.62 million euro).
The decrease in profit represents the translation of the decline of the operating profit into the net result, MedLife said in an unaudited financial report filed with the Bucharest Stock Exchange, BVB.
MedLife’s operating profit dropped by an annual 34.7%, to 95.44 million lei in January-September 2022.
"The effects of the pandemic, the war, the inflation, the energy crisis - all came like a boomerang over the whole Europe, including the Romanian business environment. Fortunately, this caught us, MedLife, with a very well-defined business strategy, and we were able to continue our expansion plans through acquisitions and organic development," MedLife Group President and CEO Mihai Marcu said.
MedLife’s turnover amounted to 1.33 billion lei in the first nine months of 2022, jumping by an annual 27.5% despite the unstable economic context. The turnover does not include the acquisitions of Muntenia Hospital and Provita Group, which are currently subject to approval from Romania’s anti-trust authority.
The group’s operating expenses in January-September rose by 37.6% on the year, to 1.238 billion lei, significantly contributing to the decrease in the net result.
The company’s total assets reached 1.882 billion lei by the end of September, compared to 1.418 billion lei at end-2021.
Established in 1996, MedLife is among Romania’s largest healthcare providers, running 230 clinics, 15 hospitals, 4 maternities, 37 individual laboratories, 200 collection points, and 14 excellence centres. The network also collaborates with 170 medical clinics across Romania.
MedLife booked a net profit of 123 million lei in 2021, almost doubling its performance compared to the previous year.
Blue-chip MedLife’s shares traded 0.37% lower at 16.04 lei on the BVB as of 1247 CET on Friday.
(1 euro=4.8902 lei)