African Medical Annual Revenue Up
For the year ended February 28, 2010, the company posted a gross profit of $1.29m, compared to $0.41m for the same period in 2009. Operating loss was $16.37m, compared to $1.27m for the same period in 2009.
During the year to 28 February 2010, the group was involved in the construction and development of the maputo hospital and well woman clinic and the hospital in Harare, and in addition, undertook other operational costs related to the identification of prospective sites for additional facilities.
The primary focus during the year was on the development of our newest facilities, including the 35 bed hospital and Well Woman Clinic in Maputo, which commenced operations in May 2010, as well as improving the operational efficiencies at our other sites.
As such, and as a result of the financial irregularities discovered post year end, the group is reporting a pre-tax loss of $16.2m on revenues of $4.6m.
In October 2009, African Medical secured an equity line agreement with US based fund harbinger capital partners master fund I. This agreement will provide the group with a total of $47.2m to be drawn down quarterly until Q1 2013.
African Medical has completed the first four draw downs of this equity line agreement, which has provided the group with a total of $28.4m (after expenses).
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