NZ's Metlifecare H1 underlying profit rises

WELLINGTON Thu Feb 27, 2014 3:29pm EST

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WELLINGTON Feb 28 (Reuters) - New Zealand retirement village operator and aged care provider Metlifecare Ltd reported a percent rise in its underlying first half profit on Friday and said it expected further growth from developments underway.

It said net profit for the six months to Dec 31 was NZ$26.8 million ($22.45 million) compared with NZ$87.1 million the year before, which had included NZ$63.6 million in gains from acquisitions and asset sales, and if excluded gave a NZ$25 million profit.

The company, which has 23 villages, declared a dividend of 1.25 cents a share compared with one cent last year.

Utilities investor Infratil Ltd and the state-pension fund New Zealand Superannuation each took 19.9 percent stakes in the company after previous major shareholder FKP Properties sold out last October.

($1 = 1.1938 New Zealand dollars) (Gyles Beckford)

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