Ramsay Health Care's 1Q Earnings Drop 28% on Covid-19 Disruptions

By Stuart Condie

SYDNEY--Private hospital operator Ramsay Health Care Ltd. said quarterly earnings fell by 28% from a year earlier due to Covid-19 lockdowns in Australia and pandemic-related disruption in the U.K. and France.

Ramsay on Thursday said unaudited earnings before interest and tax for its fiscal first quarter, which ended on Sept. 30, fell to 197.4 million Australian dollars ($145.6 million).

It said operations in all Australian states incurred higher costs due to the pandemic, with Australia hit by elective surgery restrictions and disruption caused by isolation orders and lockdowns.

Ramsay said it had terminated fixed-rate loan facilities at a first-half cost of A$11.3 million, with subsequent savings through FY 2025 totaling A$20.2 million.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

11-10-21 1706ET