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Monday, 29 August 2016

Earnings Watch

**Earnings Watch: Cleopatra Hospitals reported 2Q2016 earnings yesterday, posting net income of EGP 8.3 mn on revenues of EGP 201.7 mn, reflecting what it said were “strong operational results despite seasonal softness in the healthcare market as well as one-time impairment and provisions charges,” the company said in a regulatory filing (pdf). Revenues were up 10% year-on-year on a pro forma basis. The company’s earnings release goes into detail on the progress of its integration program and notes it locked-in savings on consumables and pharma supplies on a quarter-on-quarter basis despite the current inflationary environment. In a separate statement, Cleopatra said its board approved retaining EFG Hermes to advise on the potential acquisition of a 47% stake in Cairo Specialised Hospital, Daily News Egypt reported.

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