25 Aug 2014

Metlifecare profit up

1:50 pm on 25 August 2014

Metlifecare's profit rose 42 percent in the year ended June, due to improved efficiencies and other benefits associated with changes to its property portfolio.

The company is New Zealand's second largest retirement village provider.

The $69 million profit, at the top end of Metlifecare's guidance, included the proceeds from selling the Oakwoods village in Nelson, and other one-off costs associated with the merger of Vision Senior Living and Private Life Care Holdings.

Its investment portfolio rose nearly 12 percent to $1.96 billion. Revenue rose 2 percent to almost $95 million.

Chief executive Alan Edwards said the company's underlying profit was up 37 percent on the year earlier.