26 Aug 2015

Retirement village operator Metlifecare lifts half-year profit

2:08 pm on 26 August 2015

Metlifecare has lifted its half-year profit by three-quarters, due to strong sales and rising property values.

The retirement village operator made a profit of $122.7 million in the year to June, an increase of 78 percent compared with the previous year.

Stripping out revaluation gains, the company's profit rose 14 percent to $52.4 million.

Revenue rose 39 percent to $224 million, due to building 133 more units, selling those units at higher prices, and a focus on more lucrative regions such as Auckland.

The company lifted its dividend by 20 percent to 4.5 cents a share.