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

 

Metlifecare turns to a profit in 2013 after merger

Metlifecare turned to a profit in 2013 after merger boosted property portfolio

By Tina Morrison

Aug. 23 (BusinessDesk) – Metlifecare, New Zealand’s second-largest listed retirement village operator and developer, turned to a profit in 2013 as it benefited from a larger business following the merger with Vision Senior Living and Private Life Care Holdings.

Metlifecare posted a profit of $120.3 million in the year ended June 30, from a loss of $141.7 million in 2012 when it wrote down the value of its property portfolio by $99.8 million. Revenue rose 44 percent to $92.2 million as it increased sales by 214 percent to 113 and resales by 44 percent to 424.

The retirement village operator benefited from a larger portfolio following the merger, adding 46 percent more care beds over the financial year to take the total to 4,195 units. Metlifecare aims to build at least 200 units and care beds a year by 2015 as it sits on a land bank of 827 units and 173 care beds.

“We were particularly pleased with our sales and resales results which reflect the ongoing demand for homes in our villages and continue the steady increase in volumes we have seen over the last three years,” chairman Peter Brown said in a statement. “We are looking forward to another successful year as we realise the benefits of scale and invest in growth.”

Retirement village stocks are among the 15 best performing companies on the New Zealand stock exchange the past year as investors anticipate growth supported by an ageing population. Shares in Metlifecare have surged 26 percent in the past year, while shares in rival Ryman Healthcare have advanced 91 percent and Summerset Group Holdings has gained 63 percent.

Shares in Metlifecare last traded at $3.22.

Underlying profit, which Metlifecare uses to show trends in the underlying business excluding one-time items, rose 76 percent to $32.1 million.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Reserve Bank: Monetary Conditions Tighten By More And Sooner

The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 2.0 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability... More>>


The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>


NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>


Fonterra: Provides 2022/23 Opening Forecast Farmgate Milk Price & Business Performance Update
Fonterra today announced its 2022/23 opening forecast Farmgate Milk Price and provided an update on its third-quarter performance... More>>


Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>



Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>