The Primary Health Care Limited (ASX: PRY) share price continued its poor run on Thursday and sank almost 3% to a 52-week low of $3.12.
This means that the medical center operator's shares have now lost 23% of their value since the start of the year.
Why have its shares been hammered this year?
Investors have been heading to the exits in their droves ever since Primary Health Care reported a full-year net loss after tax of $516.9 million.
Whilst this loss was the result of a non‐cash impairment charge of $587 million related to Medical Centres goodwill and underperforming sites, its underlying result was also a disappointment.
Underlying net profit after tax declined 11.4% to $92.5 million due to a sharp decline in earnings in the Bulk Billing Medical Centres division after the repositioning the business.
Whilst management remains cautiously optimistic that the repositioning of its Medical Centres division will deliver the pathway for sustainability and growth, investors are yet to be convinced by this it seems.
