Trust's after-tax profit $14.5m

Last updated 05:00 23/02/2013

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Listed medical buildings investor Vital Healthcare Property Trust almost tripled its profit after tax to $14.5 million in the first half of this financial year.

It continued an asset improvement programme by redeveloping several private hospitals it owns, selling two Auckland properties and purchasing a new clinic in Australia.

For the six months to December its profit after tax was $14.5m, up from $5.2m last year. Operating profit before tax rose 46 per cent to $16.5m.

Rental income for the Auckland-based company, which has two thirds of its assets located in Australia, rose $4.4m to $28.8m.

The trust is in the process of a strategic review of its $55.8m property portfolio with sales, purchases and redevelopments under way.

Vital Healthcare, which has 99.5 per cent occupancy at its assets, recently settled the A$29.2m (NZ$35.95m) purchase of sports medicine treatment centre Sportsmedsa in Adelaide.

Chief executive officer David Carr said that over the balance of the financial year it would remain focused on core portfolio management activities.

During the half year to December it sold two Auckland properties, at St Heliers and Pt Chevalier, for a total of $13.6m and finished development works at three Australian private hospital buildings it owns.

It finished the A$6.1m development of the Mayo Private Hospital in New South Wales.

The trust also recently completed its redevelopments of the South Eastern Private Hospital in Melbourne, the Toronto Private Hospital at Newcastle and the Gold Coast's Currumbin Clinic.

Vital Healthcare was in discussions with Auckland's Ascot Hospital about renewing its lease at Vital's property that expires in 2019 and the Allamanda Private Hospital in Queensland, which runs out in 2018.

Investors will receive 1.92c a unit for the second quarter of the 2013 financial year with 0.23c imputation credits attached.

Payment will be made on March 28.

Its share price was unchanged at $1.27c a unit last night.

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