Green Cross annual profit falls 4.1% on higher staff costs
Profit attributable to shareholders fell to $14.4m in the year ended March 31.
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Green Cross Health [NZX: GXH], formerly known as PharmacyBrands, posted a 4.1% decline in annual profit as its staff costs increased.
Profit attributable to shareholders fell to $14.4 million in the year ended March 31, from $15 million a year earlier, the Auckland-based company said in a statement. Group profit including the share of non-controlling interests increased to $18.9 million from $18.8 million, with non-controlling interest receiving $4.5 million in the latest financial year, up from $3.8 million a year earlier. Sales rose 25% to $322.4 million, while cost of sales rose 15% to $168 million.
The owner of the Life Pharmacy and Unichem pharmacy chains has been widening its portfolio of businesses, agreeing this month to acquire Access Homehealth, a not-for-profit home healthcare services company. That adds to its purchase of medical centre business Peak Primary and a 50% stake in community nursing and health care business Total Care Health.
The company's assets increased to $191.1 million at balance date, from $134.5 million a year earlier, while its total liabilities increased to $91.6 million from $45 million.
"We believe we have achieved a significant amount during the year that sets the company up well for the future," chairman Peter Merton said. "The acquisitions of Peak Primary medical centres and Access Homehealth establish us as a leading player in New Zealand's primary health care market, a development we have successfully managed while achieving strong sales and franchisee growth in our pharmacy business."
Sales at its pharmacies increased to $265 million, from $246 million a year earlier. Its medical services unit doubled sales to $24.7 million. Its new community care unit reported sales of $32.5 million.
The board declared a final dividend of 3.5c a share, unchanged from a year earlier and payable on June 19, with a record date of June 10.
Shares of Green Cross fell 3.6% to $2.40 and have advanced 17% since the start of the year.
(BusinessDesk)
Suze Metherell
Tue, 26 May 2015
Tue, 26 May 2015
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Green Cross annual profit falls 4.1% on higher staff costs
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