GWest Corporation says the financial year ending March 2019 saw the company suffering an increase in losses.
Losses increased from $78-million dollars to $151-million. The company says losses increased due to revenue growth which continues to be curtailed by delays in the accreditation process of the Ministry of Health.
For the year ending March 31, 2019 revenues increased from $66-million to $130-million. Income from Property rental increased from $49-million to $53-million, and patient fees increased from $17-million to $77-million.
Chairman Konrad Kirlew says administrative and operating costs, increased significantly over last year moving from $166-million to $276-million. This was due mainly to start-up costs of their main medical facilities.
Meanwhile, management has carried out a restructuring of operations with the rationalization of staff.
This and other cost-cutting measures are expected to contain the increase in operating and administrative costs.