Healthcare services company Healthscope Ltd
(ASX:HSP) says it will write-down $13.8 million in fiscal 2009 after losing a court appeal over break fees related to the company’s failed acquisition of the diagnostic businesses of Symbion Health in 2007.
Healthscope had claimed a $19.575 million break fee payable following its unsuccessful acquisition of the assets of Symbion Health, now a subsidiary of Primary Health Care, in 2007.
The NSW court of appeal upheld the judges earlier decision to dismiss Healthscope’s appeal.
Healthscope says as a consequence of the Court of Appeal decision, this balance sheet item will be written off as a non-recurring item in the results for the year ending June 30 2009. Looking at the past five years Healthscope’s best net profit was in 2007.
