Chch village boosts Ryman profit

Last updated 09:49 15/11/2012
RYM 8.050 -0.09 -1.11%

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Ryman Healthcare reported a 15.3 per cent gain half-year profit, with an opening of a facility in Christchurch boosting the retirement village operator's bottom line.

Net profit for the six months ending September 30 was $68.7 million, up from $59.6m in the same period a year ago.

Stripping out $6.6m in deferred tax charges and a $27.3m unrealised property valuation gain, that left the firm with an underlying profit of $48m - a new record level and 16 per cent higher than a year ago.

"We've invested heavily in new aged care and retirement communities over the past 18 months, and we are seeing some reward for that commitment," said chair David Kerr.

Revenue for the period was $87.9m, up 18.6 per cent on a year ago, driven by a 15 per cent sales gain in occupational rights, and the addition of 226 new rest home, hospital and dementia rooms in the period, mostly through the completion of the Diana Isaac Retirement Village in Christchurch.

The company also received planning approval in the period for its first Australian development in Melbourne and has plans for villages in Waikanae, Howick, and Petone.

"We are trading well and we're on track to achieve our target of 15 per cent underlying profit growth for the full year," Kerr said.

The company reported a dividend of 4.6 cents per share, up 18 per cent on a year ago, and payable on December 7.

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