Retirement village company Metlifecare reported a half year net profit of $17.3 million, largely driven by an $18.8m revaluation of investment properties.The result for the six months to December compared to a net loss of $61.9m a year earlier, when the c
Retirement village company Metlifecare reported a half year net profit of $17.3 million, largely driven by an $18.8m revaluation of investment properties.
The result for the six months to December compared to a net loss of $61.9m a year earlier, when the carrying value of investment property was written down by $55.3m.
Metlifecare said its level of leads, deposits and settlements of occupation right agreements improved during the half year in line with the gradual improvement in the residential housing market.
Operating revenue gains and operating cost reductions had improved operating cashflows, after the payment of interest, by $2.4m.
Net cashflows of $18.2m from the issuing of occupation right agreements was $8.1m higher than a year earlier.
During the latest half year $13.3m was spent on the further development of the second stage of The Poynton, formerly Metlifecare Takapuna, which was due to be completed in April.
The company said it was negotiating the terms of new bank facilities with its financiers as its existing facilities expired on June 30.
The directors were confident that the terms of the new facility would be agreed before the maturity of the current facility, Metlifecare said.
The company did not declare a dividend payment for the half year.
