23 May 2014

Metlifecare lifts profit forecasts

7:37 pm on 23 May 2014

Metlifecare has lifted its profit guidance for the 2014 full year to between $43 million and $46 million.

That's up from the $34 million to $38 million the retirement village operator previously forecast.

The company posted a $120.3 million net profit last year. However, that was after the 2012 year's $141.7 million loss.

Both results included significant one-offs, positive ones in 2013, compared with negative ones in 2012.

Metlifecare chief executive Alan Edwards said the upgraded forecast was largely due to stronger sales at The Poynton Stage 3 development in the Milford, Takapuna area in Auckland, as well as higher capital gains.

The company will report its results for the year ended June towards the end of August.

Metlifecare shares rose 22 cents, or more than 5 percent, to $4.40 on Friday.