April 21, 2009 / 1:16 PM / 10 years ago

UPDATE 1-Tenet sees Q1 profit, shares rise

* Sees Q1 net profit of 37 cents

* Sees Q1 gain of 29 cents

* Analysts expect the company to break even

* Shares up 27 percent

April 21 (Reuters) - Hospital operator Tenet Healthcare Corp (THC.N) said it expects to be profitable for the first quarter and also raised its 2009 view.

Tenet sees first-quarter net income attributable to shareholders to be about $178 million, or 37 cents a share, compared with a loss of $31 million, or 6 cents a share in the year-ago quarter. The expected net income for the latest quarter includes a gain of $141 million, or 29 cents per share, a big portion of which comes from early extinguishment of debt. Same-hospital admissions for the quarter were almost flat and commercial managed care admissions declined by about 2.0 percent after adjusting for the Leap Year effect resulting from 90 days in the first quarter of 2009 compared to 91 days in the year-ago quarter.

For 2009, Tenet expects net results to range between a loss of $55 million and profit of $75 million. Shares of the company were up 27 percent in pre-market trade from their Monday’s close of $1.42 on the New York Stock Exchange.

For the alerts, please click [ID:nWNAB5467] (Reporting by Esha Dey in Bangalore; Editing by Anil D’Silva)

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