13 September 2005 -

Report Summary

Turkey’s private healthcare market’s leader Acibadem disclosed US$ 9.06 mn net income at its 1H05 IFRS financials. This is both higher than our estimate of US$ 7.80 mn and its 1H04 net earnings of US$ 7.31 mn. Due to its investment incentive amounted US$ 13.20 mn, the company will pay nearly zero tax between 2005-2008.

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