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Romania’s MedLife Group Q1 net profit down 18% y/y

Author Tudor Popescu
Romania’s MedLife Group Q1 net profit down 18% y/y Source:MedLife

BUCHAREST (Romania), May 13 (SeeNews) - Romanian private healthcare provider MedLife Group [BSE:M] said on Friday its net profit fell 18.1% on the year to of 29.5 million lei ($6.2 million/ 5.98 million euro).

MedLife's operating profit fell 23.8% on the year to 40.85 million lei in the first quarter, the group said in a financial report filed to the Bucharest Stock Exchange.

The group’s operating income totalled at 420.9 million lei during January-March, up 24.2% year-on-year.

"We will maintain a balanced approach, both from a medical and business perspective, consolidating the oncology segment and that of acute diseases in hospital units. These are conditions that cannot be postponed to the next economic cycle due to pandemics or the geopolitical situation," MedLife Group President & CEO Mihai Marcu said.

The company also reported increases in the hospitals and clinics business lines during the first quarter of the year.

MedLife recently announced it had completed the acquisition of oncology hospital OncoCard in Brasov, Romania, for an undisclosed sum.

The group had also purchased Bucharest-based chain of pharmacies CED Pharma in June 2021.

MedLife is one of Romania’s largest private healthcare providers. It currently runs 12 hyperclinics, six hospitals, 18 individual laboratories, 12 excellence centres, and eight pharmacies. The chain also collaborates with 145 medical clinics across Romania.

MedLife booked a net profit of 123 million lei in 2021, almost double compared to the previous year.

MedLife shares traded 3.03% higher at 18.36 lei on the Bucharest Stock Exchange as of 17:01 CET on Friday.

(1 euro = 4.9458 Romanian lei)

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