Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Ryman Healthcare first-half profit rises 15% to record

Ryman Healthcare first-half profit rises 15% to record as fee income jumps

Nov. 15 (BusinessDesk) – Ryman Healthcare, the retirement village operator whose shares jumped 51 percent this year, posted a 15 percent gain in first-half profit and bumped up its dividend as fee income grew.

Profit rose to $68.8 million, or 13.8 cents a share, in the six months ended Sept. 30, from $59.6 million, or 11.9 cents a year earlier, the Christchurch-based company said in a statement. Revenue rose 19 percent to $87.9 million.

Ryman’s total retirement village units and care beds rose to 5,882 in the first half, from 5,107 a year earlier and it has another 2,295 units equivalent to be developed. In the latest period it completed its Diana Isaac Retirement Village in Christchurch. The company also gained approvals to build its first village in Melbourne.

“We are trading well and we’re on track to achieve our target 15 percent underlying profit growth for the full year,” said chairman David Kerr. “We’ve invested heavily in new aged care and retirement communities over the past 18 months and we are seeing some reward for that commitment.”

Ryman will pay a first-half dividend of 4.6 cents a share, up 18 percent from a year earlier. The shares last traded at $4.08 and reached a record $4.16 in September. The shares are rated ‘outperform’ based on a Reuters survey of seven analysts, with a price target of $4.09.

In the first half, care fees rose 19 percent to $71.8 million and management fees climbed 19 percent to $15.7 million. Operating expenses rose 17.6 percent to $64 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news