Fresenius 3Q Net Profit Rose Despite Pandemic Drag on Medical Care Unit

By Cristina Roca

Fresenius SE & Co. KGaA said Tuesday that its net profit and sales for the third quarter rose, though its Fresenius Medical Care AG & Co. KGaA business continued to be hit by the effects of the coronavirus pandemic.

The German healthcare company posted a quarterly net profit of 435 million euros ($504.8 million), up 2% on year. Sales climbed 5% to EUR9.32 billion.

The company's dialysis business, Fresenius Medical Care, reported a 1% revenue increase but a 23% drop in net profit, as the Delta variant of the coronavirus increased patient mortality during the third quarter.

As a result of this, the division said it sees its revenue and net profit at the lower end of its previously guided range.

Fresenius said Covid-19 is expected to hit its fourth-quarter results, though excess patient mortality should improve.

"Additionally, Fresenius expects headwinds from cost inflation including rising commodity and shipping prices, increasing energy costs, as well as supply chain constraints in Q4/21," the company said.

The company said it now expects sales growth at constant currency to grow by mid-single digits. It previously saw sales growing by low-to-mid single digits.

Write to Cristina Roca at [e-mail]

(END) Dow Jones Newswires

November 02, 2021 02:38 ET (06:38 GMT)

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