Hospitals lose money for sixth quarter

By Phil Boeyen, ShareChat Business News Editor

Friday 23rd November 2001

State-owned hospitals and health providers are continuing their losing streak, running a deficit of $42.3 million in the September quarter according to new figures.

Statistics New Zealand says the latest quarterly deficit is the sixth in a row since the surplus of $5.7 million recorded in the March 2000 quarter

Total income in the three months ended September fell $8.8 million to $941.4 million, 0.9% down from the June quarter. Costs rose 0.6% on the previous quarter to $983.7 million and on an annual basis were 7.2% than last year.

The proportion of income from government has moved from 90.7% of total funding in the September quarter last year to 92.8% this year.

"By the end of September 2001, taxpayers' equity had fallen $12.0 million to $888.2 million, reflecting continuing deficits," says Statistics NZ.

Debt stood at $1.68 billion, $112 million higher than a year ago.

"This resulted in a higher debt equity ratio, which moved from 1.69 at the end of September 2000 to 1.89 at the end of September 2001."

Total assets of hospitals and health services are currently valued at $2.568 billion, 2.8% higher than last year.

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