Wakefield's yearly earnings up 23pc

Listed hospital company Wakefield Health has had a 23 per cent rise in full year profit on the previous year and net profit after tax was $3.54 million for the year ended March.

The result included a two-month contribution from Royston Hospital in Hastings, which merged with Wakefield Health in January. Adjusted for the Royston contribution, net earnings were up 17 per cent on 2005.

Wakefield chairman John Calder said the improvement in business earnings was due mainly to higher volumes at Bowen Hospital and medical research firm P3 Research.

He said the contribution by Royston was significant and had been halved by the costs of amortisation.

Total revenues grew 18 per cent to $51.3 million. Hospital revenue was up 10 per cent to $46 million, including $2.1 million from Royston.

Earnings before interest, tax, depreciation and amortisation (ebitda) were up 30 per cent to $10.8 million.

- NZPA