Admin I Wednesday, Feb. 21, 2024
FRANKFURT – Fresenius, a German health care company, on Wednesday reported a net loss for the fourth quarter, but revenue remained almost unchanged from previous year.
For the quarter, Fresenius recorded a net loss of €614 million ($663 million), compared with a profit of €255 million for the same period last year. This was mainly due to results from the valuation effect of the Fresenius Medical Care (FMC) unit to the tune of €521 million.
Bad Homburg-based Fresenius ceded control of the crisis-ridden dialysis specialist FMC in a corporate restructuring in 2023.
During the pandemic, FMC struggled with rising costs, a shortage of nursing staff and many coronavirus deaths among patients.
Excluding items, earnings at Fresenius stood at €397 million against previous year’s €445 million, reflecting rising interest expenses and a higher tax rate.
Fourth quarter net income from deconsolidated Fresenius Medical Care operations before special items remained unchanged at €83 million from previous year’s €83 million.
Revenue remained nearly unchanged at €5.6 billion.
