South African Life Healthcare to invest ZAR 686mn in capital projects in 2012.

By bne IntelliNews November 21, 2011
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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