South African private hospital operator Life Healthcare said it would invest ZAR 686mn in capital projects, excluding acquisitions, in the fiscal year to end-September 2012, following strong annual financial results. Life Healthcare invested ZAR 740mn in capital projects and another ZAR 40mn in business acquisitions in the fiscal year 2010/11. The company posted an operating profit of ZAR 2.2bn for the fiscal year ended September 30, 2011, up 16.4% y/y. Its revenue rose 11.7% to ZAR 9.8bn. In addition to capital project investments, the hospital operator has entered an agreement to acquire a 26% stake in Indian rival Max Healthcare Institute with about 2,000 beds, aiming to boost it to 50% within three years. The group is also in the final stage of raising its stake in local Joint Medical Holdings from 49% to some 60%-70%, hoping to finalise the deal by January 2012. |
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