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Mediclinic flags eight percent drop in first-half core profit, shares dive

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Mediclinic flags eight percent drop in first-half core profit, shares dive

Mediclinic flags eight percent drop in first-half core profit, shares dive
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Ahmed Jadallah(Reuters)
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JOHANNESBURG (Reuters) - Mediclinic <MDCM.L> on Wednesday flagged an 8 percent drop in core profit for the first six months of the year, hit by weaker-than-expected growth in admissions in Switzerland and a slow second quarter in South Africa, sending its shares tumbling.

A constituent of London's FTSE 100 index with a secondary listing in Johannesburg <MEIJ.J>, the private hospital group said group adjusted core profit, or EBITDA, would fall to 214 million pounds versus 232 million pounds in the same period a year ago.

Shares in Johannesburg tumbled 18.73 percent to 72.33 rand at 0825 GMT. In London, where Mediclinic has its main listing, shares fell 19 percent.

(Reporting by Nqobile Dludla; Editing by James Macharia)

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