News | Business
20 Apr 2018 22:45
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    Ryman chalks up another record profit

    Ryman Healthcare has posted a record annual profit, adding to its run of 15 years of earnings growth.


    Ryman Healthcare has posted a record annual profit, adding to its run of 15 years of earnings growth, as the hot property market underpinned gains from resales of its occupancy rights.

    Underlying profit, which excludes fair value changes from its property portfolio, rose to $178.3 million in the 12 months ended March 31, from $157.7m a year earlier, the country's biggest listed retirement village operator said on Friday.

    Operating revenue gained 11 per cent to $289m.

    Ryman's sales of occupation right agreements rose 9.1 per cent to 1318, of which new sales jumped 16 per cent to 600 and resales of existing units increased 4.1 per cent to 718. The value of new units rose 16 per cent to $263.3m while resales rose 14 per cent to $311.3m.

    "Strong gains from the resale of occupancy rights had driven the result and Ryman had invested a record $525m to meet the demands of a growing older population," chairman David Kerr said.

    Ryman is adding to its 31 existing villages, with 13 at varying stages of development, including a foray across the Tasman. The Christchurch-based company wants to open five villages in Melbourne by 2020 and has four Australian sites currently in the design and consenting phase.

    The value of that portfolio rose to $3.66 billion as at March 31 from $3b a year earlier, comprising 5958 retirement village units and 3281 residential care beds and with a land bank that can add 4025 units and 1529 care beds. The company's bank debt rose to $837.5m as at March 31 from $544.9m a year earlier.

    The shares last traded at $8.63 and have gained 6.4 per cent so far this year.


    NZN




    © 2018 NZN, NZCity


     Other Business News
     20 Apr: NZ shares fall as MSCI changes debated
     20 Apr: NZ dollar heads for 1.6pc weekly fall
     20 Apr: FMA keeping close tabs as AMP chief quits
     20 Apr: Seeka to buy T&G Kerikeri assets
     20 Apr: Kiwi down against stronger greenback
     20 Apr: Self-employed short $800m in tax: IRD
     19 Apr: NZ Bus, driver unions agree Auckland deal
     Top Stories

    RUGBY RUGBY
    Frizell stars as Highlanders beat Blues More...


    BUSINESS BUSINESS
    NZ shares fall as MSCI changes debated More...



     Today's News

    Rugby League:
    Warriors v Dragons, Broncos v Storm: NRL round seven live scores, stats and commentary 22:06

    Rugby:
    Frizell stars as Highlanders beat Blues 21:57

    International:
    Sydney Swans v Adelaide Crows: AFL round 5 live scores, stats and commentary 21:46

    Entertainment:
    Rita Ora has praised Beyonce and Jennifer Lopez as her “biggest inspirations” 21:31

    Law and Order:
    Man pulled from burning car near Papakura 21:16

    Entertainment:
    Kanye West has shared excerpts from his upcoming philosophy book on Twitter 21:01

    Entertainment:
    Kelly Clarkson’s daughter is already showing potential as a businesswoman 20:31

    International:
    Why couples with big age gaps are happier, despite the social disapproval 20:16

    Entertainment:
    Chris Pratt thinks divorce “sucks” 20:01

    Entertainment:
    WWE Hall of Famer Bruno Sammartino has died aged 82 19:31


     News Search






    Power Search


    © 2018 New Zealand City Ltd