November 9 (SeeNews) - Romanian privately-owned medical services provider MedLife Group [BSE: M] said its net profit rose by 33.9% year-on-year in the first nine months of 2018, reaching 12.77 million lei ($3.1 million/ 2.7 million euro).
Turnover increased by 26.2% to 579 million lei on the back of significant growth in all business lines, mainly clinics, hospitals, pharmacies and laboratories, and by acquisitions made in the last two years, MedLife said in a statement on Thursday.
MedLife's operating profit dropped 4.5% on the year to 27.8 million lei in the nine months through September.
"We completed the first nine months of 2018 with very good results, results that reflect the development and expansion strategy at the group level. In addition to the projects announced for the first semester, this autumn we opened the first hyperclinic in Oradea; currently we are present in this city with a laboratory, a large clinic and an imaging center - the Transilvania Imaging Center - which represents an acquisition," Mihai Marcu, CEO and president of MedLife, said.
The group will continue with greenfield projects, develop new business lines, and will make further acquisitions. Medlife also aims to develop a second brand - Sfanta Maria, and expand its newest acquisitions.
At the beginning of the month, MedLife signed an agreement with four local banks to lift the upper limit on the volume of a syndicated loan to 66 million euro ($75 million) from previous 56 million euro.
In September, MedLife said it is expanding in the city of Oradea through the acquisition of Transilvania Imaging Center and the opening of its first hyperclinic in the city.
MedLife shares traded flat at 30 lei on the Bucharest Stock Exchange as at 1150 CET on Thursday.
(1 euro=4.6630 lei)