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

 

Metlifecare posts annual loss on $99.9M property writedown

Metlifecare posts annual loss on $99.9M writedown in property valuation

By Paul McBeth

Aug 23 (BusinessDesk) - Metlifecare, the retirement village operator that merged with major shareholders Vision Senior Living and Private Life Care, slashed the value of its property portfolio by $99.8 million, sending it to a full-year loss.

The company made a loss of $141.7 million, or $1.04 per share, in the year ended June 30, from a profit of $20.8 million, or 17 cents per share, a year earlier. Revenue fell 1.5 percent to $64.2 million, led by a 7.9 percent fall in the fees charged to residents for the use of village common facilities.

The writedown in the value of its property portfolio was in line with expectations and previous disclosures, the company said.

Last month, Metlifecare completed the merger with Vision and Private Life Care Holdings, which will give it eight new villages, taking its portfolio to 24 villages, three of which are in development.

The all-scrip deal, valued at $91.8 million, came after the retirement village operator's balance date, and lifted Metlifecare's total assets to some $1.9 billion. It increased the number of units to 3,902 from 2,460 and added a further $128.9 million of bank debt to the company's books.

Metlifecare reporting annual operating cash flow of $31 million, beating guidance of $26.5 million, and up from $23 million a year earlier.

Trading and relicensing performance earnings rose to $46 million from $43.3 million.

Metlifecare reported 36 new sales of unit rights for gross settlements of $20.4 million, up from 29 new sales attracting $15.7 million in 2011. Unit rights resales increased to 294 attracting $93.5 million from 267 sales raising $98 million a year earlier.

The board didn't declare a dividend.

The shares rose 2 percent to $2.60, and are up 12 percent this year. The stock is rated a 'buy' according to the one analyst recommendation compiled by Reuters, with a target price of $2.725.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>



Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>


Transport: July 2021 New Vehicle Registrations Boosted By EV Rebate Scheme
Motor Industry Association Chief Executive David Crawford says that July 2021 sales of new vehicles were boosted by the recently introduced rebate scheme. July 2021 registrations were 15,053 units compared to 12,263 units for July 2020... More>>



ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>