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

 

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news