Abano posts improved profit for YE 31 May 06

An increased focus on private paying customers and a stronger portfolio have led to an improved bottom line performance for Abano Healthcare Group, which today announced its audited full year results with a Net Profit After Tax (NPAT) of $14.7 million, reported under the new NZ International Financial Reporting Standards (NZ IFRS).

The audited results show Group revenues of $65.2 million, operational Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) of $6.7 million and a consolidated NPAT of $14.7 million, reflecting a one off gain from the sale of the ElderCare business in July 2005 of $13.1 million. The operating NPAT generated from normal business operations was $1.6 million.

Solid operating performances from existing and new businesses were an important factor in the improved performance over the previous year’s result. All sectors delivered increased margins over 2004/05, which were reflected by improved individual operating EBITDA contributions.

ABA REL- end of year results 31 May 06 FINAL