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

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news