24 Apr 2015

Abano expects loss of up to $1.9m for year

1:44 pm on 24 April 2015

Abano Healthcare expects to make a full year loss of up to $1.9 million for the year to May, after selling Aotea Pathology for just $1.

The sale is conditional on the buyer, Wellington SCL, being awarded the regional pathology contract by the regions district health boards.

Abano owns 55 percent of Aotea.

The other owner, Sonic Healthcare, is also selling its 45 percent stake.

Abano chief financial officer Richard Keys said the reason for the sale was to ensure the survival of the Aotea.

Mr Keys said the pathology sector was reliant on government funding and not an area of high growth for Abano.

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