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

 


RESEND: Metlifecare says earnings may rise as much as 43%

RESEND: Metlifecare says annual earnings may rise as much as 43%

(Fixes typo in headline)

By Tina Morrison

May 23 (BusinessDesk) - Metlifecare, the retirement village operator which counts the New Zealand Superannuation Fund and Infratil as cornerstone investors, raised its guidance for full-year earnings, saying underlying profit may rise as much as 43 percent as it benefits from higher sales, bigger capital gains on property sales and more income from resales.

Underlying profit will probably be $43 million to $46 million in the year ending June 30, up from its previous expectation of $34 million to $38 million, and from $32.1 million a year earlier, the Auckland-based company said in a statement. The guidance assumes recent trading conditions continue over the last two months of the financial year, it said. Underlying profit removes one-off gains, unrealised movements in the value of the company's property portfolio and deferred tax.

Metlifecare reported a 77 percent lift in first-half underlying profit to $15.3 million, and is focused on driving development opportunities in the upper North Island, where it hopes to benefit from an ageing population in need of quality retirement and aged care facilities. Today's upgrade to earnings guidance reflects stronger settlements activity at The Poynton Stage 3 development, higher capital gains and deferred membership fee income from resales activity, the company said.

The shares last traded at $4.18, and have gained 5.6 percent so far this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news