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

 

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