Sharechat Logo

Green Cross Health first-half sales rose 6.9%, profit falls on year-earlier one-time gain

Monday 27th November 2017

Text too small?

Green Cross Health, the listed medical services provider, posted a 16 percent decline in first-half profit, mainly reflecting a one-time gain in the year-earlier half, while sales rose 6.9 percent.

Profit was $8.8 million in the six months ended Sept. 30, from $10.5 million a year earlier, the Auckland-based company said in a statement. Operating revenue rose to $254 million from $238 million. The year-earlier profit included a one-time fair-value gain of $2.8 million.

Green Cross, which was formerly known as PharmacyBrands, has a network of 354 Unichem and Life Pharmacies that represent its biggest division and posted a gain of about 12 percent in first-half operating profit before interest and tax to $13.8 million. The gain was "driven by strong dispensary and franchise revenues and consistent retail sales," it said.

Its medical division, which has 33 medical centres and operates The Doctors brand, recorded a 3.6 percent gain in operating earnings to $1.45 million. Its third business is the Community Health division, which posted 14.2 percent growth in sales to $62.9 million and operating earnings growth of 11.2 percent to $1.3 million.

Chairman Peter Merton said Green Cross "is on track to continue its upwards trajectory with a focus on growth via acquisition and continued investment in delivering health care in line with the New Zealand Health Strategy."

The company will pay a fully imputed interim dividend of 3.5 cents a share on Dec. 22 with a record date of Dec. 11. It offers a dividend reinvestment plan.

Shares in Green Cross Health last traded at $1.74 and have declined 32 percent in the past 12 months.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director
CHI - New customer contract to upgrade Marsden Point
Synlait announces changes to Board of Directors
May 1st Morning Report
Devon Funds Morning Note - 30 April 2024