April 17 (Reuters) - French care home operator Emeis ORP.PA , formerly known as Orpea, cut its 2024 core earnings target on Wednesday, citing lowered "operating assumptions" in France.
It expects earnings before interest, tax, depreciation, amortisation, and restructuring costs (EBITDAR) of between 800 million and 835 million euros ($850 million and $887 million) for the financial year, down from the 891 million euros it had forecast in November.
In 2023, Emeis' EBITDAR fell more than 10% to 696 million euros due to high inflation and lower-than-expected occupancy rate at its nursing homes in France, it said in a statement.
This is the group's first earnings report since it finalised the restructuring of its debt and rebranded as Emeis in an apparent effort to move on from the scandals that plagued it in 2022 and contributed to subsequent financial issues. ($1 = 0.9415 euros)
