August 13, 2010 / 12:03 PM / 8 years ago

UPDATE 1-Medical Facilities posts Q2 profit on lower costs

* Consolidated facility service rev down 2 pct

* Says to sell Barranca Surgery Center stake

Aug 13 (Reuters) - Medical Facilities Corp DR_u.TO reported a quarterly profit as cost of drugs and supplies fell, and the operator of specialty surgical hospitals said it was in talks to sell its stake in a California surgery center. Operations at California’s Barranca Surgery Center have been hurt by the departure of several physician owners, the company said.

For the second quarter, net income was $2.5 million, or 9 cents per income participating security (IPS) unit, compared with a net loss of $4.5 million, or 15 cents per IPS unit, a year ago.

Consolidated facility service revenue was down marginally to $51.2 million from $52.2 million, due mainly to weaker revenue at its California ambulatory surgery centers, the company said.

Consolidated operating expenses fell 2 percent to $32.1 million. Operating margin was 37.3 percent, up from 37.1 percent in the year-ago quarter. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Aradhana Aravindan)

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