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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news