Vital Healthcare lifts profit by 7.8pc

23:48, Aug 13 2014

Strong earnings in Australia and a stable New Zealand income have helped NZX-listed Vital Healthcare Property Trust raise its net profit by 7.8 per cent.

Vital, which describes itself as Australasia's biggest investor in healthcare real estate, made a net profit of $37.4 million for the year to June 30, despite a slight increase in gross rental income to $57.9m.

Investors will receive a full-year cash distribution of 7.9 cents a unit and are forecast to receive 8c a unit next year.

Net distributable income rose 23 per cent to $34.7m, or 10.4c a unit, an increase of 1c on 2013.

The trust holds 25 hospital or healthcare properties in New Zealand and Australia, including 1500 hospital beds and 72 operating theatres.

Shares in Vital Healthcare were unchanged at $1.40 in mid-morning trading.