Primary Health Care Ltd., Australia's largest pathology Services Company, has posted a phenomenal more than 600% growth in its first half net profit. Net profit for the six months ending December 2009 was reported A$76.6 million while it was posted A$11.5 million for the same period last year. But this huge profit failed to attract the investors as it was well below the expectations of the market analysts who were expecting a profit of between A$83.4 million and A$93.8million.

The first half profit result was hugely impacted by the increased borrowing costs from the company's A$2.65 billion acquisition of Symbion. Symbion is Australia's largest healthcare company and was bought by Primary to add pathology and diagnostic imaging services and medical centre assets to its own businesses.

The revenue in the first quarter was reported A$652.6 million decreasing by 1.3% as it was reported A$661.3 million in the same period a year before. The decrease in revenue was due to increased competition to the medical imaging business of the company. The EBITDA for the first half was posted A$172 million compared to $155.6 in the same period previous year. However, the company has some good expectations for FY11 and FY12 as it expects an annual growth of 15% to its EBITDA for next two years.

The board of Primary also declared an interim dividend of 15 cents per share in the first half of the fiscal.