21 May 2012

Private hospital company's profit up

12:39 pm on 21 May 2012

Profit for Wakefield Health has surged to $6 million, up from $0.6 million the same time last year.

However, when one off items such as tax adjustments are stripped out, underlying earnings rose 27% to $6.52 million for the year to March.

The private hospital operator says the rise in earnings comes from growth in existing business and expansion into new markets.

Chief executive Andrew Blair says new investments have had a signficant impact.

The firm bought a 60% stake in Norfolk Southern Cross, which owns a private hospital in Tauranga, and shares in Endoscopy and Laparoscopy Auckland.

Wakefield Health declared a dividend of 10 cents per share, up two cents from the previous year.