Net profit up 50% at Primary Health Care

Primary Health Care announced a 50% increase in net profit to $69.5 million in first year results today, shifting the share price up 2%. Revenue was $151.6 million for the half, compared to $144.7 million for the corresponding period, growth of 4.8%. 

CEO Edmund Bateman’s cost-cutting – 290 jobs and 23 sites – delivered bottom line benefits for the full financial year results in 2011-12, with a 49% net profit increase to $116.6 million.

He looks on track to improve that result this year, and has regained shareholder support.