WELLINGTON Aug 25 New Zealand retirement
village operator and aged care provider Metlifecare Ltd
reported a sharp drop in its headline profit on Monday, but its
underlying profit matched its own and market forecasts.
It said the net profit for the year to June 30 was NZ$68.8
million ($57.76 million) compared with NZ$120.3 million the year
before, but that had included significant gains from a merger
and asset sales.
The underlying net profit, which takes account of changes in
values of properties, was NZ$46.0 million compared with NZ$33.5
million last year. The company had forecast a profit between
NZ$43 million to NZ$46 million. Analysts on average forecast
The company, which has 25 villages and plans to build
facilities that would house 200 beds a year from next year,
declared a dividend of 3.75 cents a share compared with 3 cents
(1 US dollar = 1.1912 New Zealand dollar)