MLP Salk Hizmetleri A.. (BIST: MPARK), the leading private healthcare service provider in Turkey, today announces its financial results for the second quarter and the first half of 2019.
– In Q2 2019, revenues increased to TL889 million, up by 23% (Q2 2018: TL720 million). When revenues of managed hospitals are included, the revenue growth in Q2 2019 is at 25%. Thus, the real growth was well above the inflation rate of 15.7% in the last 12 months.
– In Q2 2019, Adj. EBITDA increased by 21%, bringing the EBITDA margin to 15.0%. Despite rising unit costs, the Adj. EBITDA margin in Q2 2019 was maintained at similar levels in Q2 2018. Excluding other income/ (expenses) items, the EBITDA growth was at 50%.
– Despite the good results in operations, net loss of TL42 million was recorded in Q2 2019 due to finance expenses of TL130 million.
– The net debt/Adj. EBITDA ratio was 2.5x in H1 2019 and 2.6x after including obligations under operational leases related to IFRS 16.
– Foreign medical tourism revenue (FMT) continued to grow rapidly with the support of strong marketing activities and increased by 62% in Q2 2019 in line with our expectations. Thus, the share of FMT in total revenue increased to 12%.
– Contrary to the negative EBITDA effect of TL11.5 million in the first six months of last year, Pendik and Mersin hospitals recorded only TL1.4 million negative EBITDA in H1 2019.