Primary Health Care Ltd
(ASX:PRY) has posted a 74 per cent fall in its first-half profit, plunging to $20.3 million, from $76.6 million in the prior corresponding period.
The medical centre operator and diagnostics services provider says despite the result it remains confident that underlying healthcare demand will provide long term volume growth.
In the six months to 31 December 2010 Primary Health Care posted revenue of $655.7 million, little changed from the same time a year before.
EBITDA dropped 17 per cent to $122.7 million.
Primary Health Care has forecast earnings will improve in the second half of fiscal 2011, and says fiscal 2012 will benefit from a full year of the cost reduction program being implemented, and the improving revenue growth profile.
In the 2010 financial year, Primary Health Care recorded a $134.15 million profit.
