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Life Healthcare’s profit after tax declines by 98%

Life Healthcare’s profit after tax declines by 98%

Private hospital group Life Healthcare has seen a 98.7% decline in profit after tax, following months of low patient numbers as its stable of hospitals due to the global Covid-19 pandemic.

Life Healthcare’s profit after tax shrank from R2.8billion in 2019 to R38 million in 2020, while revenue decreased by 1.1% to R25.4 billion from R25.7 billion in 2019, according to its annual results for the year ended 30 September 2020.

Life Healthcare announced last week that it had found a buyer for its Scanmed business in Poland but had impaired it for R798 billion, valuing it R840 billion down from its September carrying value of R1.6 billion.

The group said that they saw the least number of patients in April during hard lockdown.  The occupancy rate recovered in July but decreased again the next two months.  The fluctuation in the occupancy rate was caused by people putting off their scheduled surgeries.

According to the Johannesburg-headquarters the overall weighted occupancy for the year was 58.4% compared to 69.7 in 2019.


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