04 July 2005 -

Report Summary

Slightly lower than our estimate of US$ 4.68 mn and 37% lower than its 1Q04 net earnings of US$ 6.30 mn, Acibadem disclosed a net profit of US$ 3.92 mn, in its consolidated 1Q05 IFRS financial statements. The company had US$ 0.15 mn monetary loss at 1Q04. Our year-end net profit estimation is US$ 15.59 mn. Note that, the company will pay nearly zero tax between 2005 and 2008, due to its investment incentive amounted to US$ 18.57 mn.

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