Blackrock Clinic sees profit fall to €12.46m

Medical inflation and lower prices from private health insurers last year contributed to pre-tax profits at the Blackrock Clinic declining by 11% to €12.46m.

The clinic and subsidiaries incurred the decline in spite of revenues remaining flat at €93.27m in the 12 months to the end of December last.

The hospital last year paid a dividend of €5.3m to its shareholders who include beef baron Larry Goodman.

The number of patients who attended the hospital last year increased by 4% to more than 25,000. Since 2010, the number of in-patient rooms has increased from 111 to 164.

According to the firm’s directors’ report “in recent years, the hospital has experienced an increase in the number of privately insured patients using its services, however, it has also experienced a significant reduction in prices from insurers and purchasers, which together with an increase in costs due to medical inflation, has eroded profit margins”.

Operating profit last year declined by 10% from €15.5m to €14m. Interest payable of €1.3m and net finance expense of €250,000 reduced profits to €12.4m. The group paid corporation tax of €1.86m that resulted in a post-tax profit of €10.6m.

The group recorded an actuarial loss of €8.6m on its pension scheme in 2012.

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