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

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news