Shares in the South African group Life Healthcare were flat this morning, after falling last Friday following news of an 11.6% fall in after-tax profit in FY 2016 results. Margins fell to 27.5% in Southern Africa and 10.2% in Poland as the rand depreciated and the Polish government cut cardiac tariffs by 17.4% this year. Operating performance, however, was largely strong, contributing to a 12% increase in sales to R16.4bn (US$1.14bn) and 6.6% in EBITDA to R4.3bn (US$0.3bn).