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

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news