Metlifecare returns to profit on valuation uplift

Metlifecare returns to profit on valuation uplift

Aug. 26 (BusinessDesk) – Metlifecare, the retirement village operator, announced a profit of $67.5 million from a year-earlier loss, saying an increase in the value of property contributed to the gain.

The year-earlier loss was $115.7 million. The group’s investment properties were valued at $1.27 billion at the end of the latest year, up from $1.13 billion 12 months earlier.

Leads and inquiries during 2009 have “translated into a significant increase in the level of sales and resales settlements across the villages,” said chairman Charles MacDonald.

Some 400 new residents entered its villages in the latest year. Still, MacDonald said the New Zealand property market has “still some way to go to achieve more normalised levels of housing transaction turnover.”

“Many new and potential residents still encounter long delays in trying to sell their homes to enable them to enter a retirement village,” he said.
Revenue jumped 382% $136 million.

(BusinessDesk)

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