Medicover makes good money from healthcare services

Healthcare services provider Medicover boasted 31% higher Q1 earnings in Romania, up to 1.2 million euros. The company posted 900,000 euros in earnings over the year-ago period. This year’s revenues are equally derived from healthcare services subscriptions and laboratory tests.

Medicover Romania reported 3.7 million euros in cash-ins for last year, against 1.7 million euros in 1999. Medicover healthcare centres had 7,000 clients from about 300 companies at the end of last year.

Medicover was established by investment fund Oresa Ventures, which also took its name this year. Medicover absorbed the bulk of the funds Oresa had raised for investments in Romania. Medicover is also operating in Poland and Hungary.

At an international level, the company’s Q1 earnings stood at 6.8 million euros, up 58% against the year-ago period and 18% higher as compared to the last quarter of 2000.

“We are satisfied with the results, although the increase is quite unlikely to maintain at the same level over the rest of the year,” Jonas Af Jochnick, Medicover executive manager, said.

Medicover Q1 losses dropped to 0.2 million euros, as compared to 0.7 million euros over the year-ago period and 0.6 million euros over the last quarter of the previous year.

Gross operational profit before amortisation stood at 0.2 million euros, while the company registered 0.3 million euros operational losses over the year-ago period and 0.1 million euros in losses over the last quarter of 2000.

The total number of subscribers for healthcare services increased from 75,000 to 81,000 over the first quarter of this year. Moreover, 350 new companies resorted to Medicover services, raising the number of corporate clients to more than 2,350.

Earnings posted a significant increase especially in Poland operations, where the growth rate stood at 60% as compared to last year. Medicover posted 5.2 million euros in earnings in Poland, as compared to 3.2 million euros over the year-ago period.