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Public Hospital Operating Surplus Improves

Public Health Financial Statistics: December 1999 quarter

Public Hospital Operating Surplus Improves

Figures released today by Statistics New Zealand show Hospital and Health Service (HHS) providers recorded a $2.0 million operating surplus in the December 1999 quarter.

This represents a $16.2 million improvement on the $14.2 million deficit reported in the December 1998 quarter, said Deputy Government Statistician Ian Ewing.

Latest Public Health Financial Statistics show 18 HHS providers recorded improvements in their financial performance between the December 1999 quarter and the December 1998 quarter.

Result for the December 1999 quarter Operating income in the December 1999 quarter was $852.1 million, up $42.1 million from the same quarter a year earlier. Over the same period the cost of providing services increased by $25.9 million, or 3.1 per cent, to reach $850.1 million.

The increase in operating income was primarily the result of a $54.9 million increase in government funding. In the December 1999 quarter government funding represented 93.7 per cent of operating income.

Result for the six months to 31 December 1999 In the six months to December 1999 the operating result was $8.9 million compared to the $24.0 million deficit a year earlier. Government revenue was $1589.1 million in the half year to December 1999, up 7.3 per cent from the revenue received in the six months to December 1998. Expenditure reached $1689.1 million, 3.3 per cent higher than the same period a year ago.

Taxpayers' equity rises Taxpayers' equity has increased while debt has decreased, producing a drop in the debt equity ratio from 1.52 recorded in the December 1998 quarter, to 1.42 at the end of the December 1999 quarter. Taxpayers' equity was $931.5 million at the end of the December 1999 quarter, $34.5 million higher than the level recorded at the end of the December 1998 quarter.

Capital expenditure The book value of fixed assets also increased over the year to reach $1,784.7 million. The HHS providers acquired $82.1 million of fixed assets and sold $11.3 million during the quarter. The debt to fixed asset ratio of 0.74 recorded in the December 1999 quarter is down on 0.79 recorded in the December 1998 quarter.

Total assets were valued at $2,249.7 million at the end of the December 1999 quarter, a decrease of $10.1 million or 0.5 per cent from the value at the end of December 1998.


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