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

 


Vital Healthcare 1H distributable profit rises 44 percent

Vital Healthcare 1H distributable profit rises 44 percent as building projects lift income

Feb. 22 (BusinessDesk) – Vital Healthcare, which invests in medical and healthcare properties, lifted distributable profit by 44 percent after completing three add-on building projects at existing Australian sites, boosting rental income.

Distributable profit, the earnings measure it uses for distributions to unitholders, rose to $13.9 million in the six months ended Dec. 31, from $9.6 million a year earlier. Net property income rose 22 percent to $28.3 million, beating Forsyth Barr’s estimate of $26.6 million. Net profit rose 180 percent to $14.6 million including unrealised interest rate swap gains.

Vital completed expansions at the Currumbin Clinic on the Gold Coast, Melbourne’s South Eastern Private Hospital and Newcastle’s Toronto Private Hospital and acquired Adelaide-based Sportsmed SA in the first half. Developments added $2.3 million to gross rental income and acquisitions added $1.6 million, while it gained $800,000 via rent reviews.

The company will make a second-quarter distribution of 1.925 cents a unit on March 28, with a record date of March 14, bringing the first-half payment to 3.85 cents. It affirmed its full-year guidance of 7.7 cents to 7.9 cents a unit.

The value of Vital’s portfolio rose 9.8 percent to $623 million and the weighted average lease term, or WALT, rose to 12.1 years from 11.4 years.

Units of Vital Healthcare were unchanged at $1.27.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news