News | Business
23 Oct 2017 2:36
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Olympic Games
  • Ski Report
  • 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




    © 2017 NZN, NZCity


     Other Business News
     20 Oct: Shares rise as weak dollar helps companies
     20 Oct: Right to reject media merger, court hears
     20 Oct: Auckland Airport spend under microscope
     20 Oct: SkyCity runs ruler over troubled Darwin
     20 Oct: Buying a Queenstown house is 'impossible'
     20 Oct: Metlifecare's $240m Hobsonville plan
     19 Oct: Dollar falls as NZ First backs Labour
     Top Stories

    RUGBY RUGBY
    Folau to miss Wallabies' end-of-year Tour More...


    BUSINESS BUSINESS
    Shares rise as weak dollar helps companies More...



     Today's News

    Motorsports:
    McLaughlin's Supercar gamble pays off 21:57

    Politics:
    Japan election: Shinzo Abe and his policies are unpopular, so why are voters set to stick with him? 21:47

    Golf:
    Ko finishes second in latest LPGA event 21:17

    Environment:
    Magnitude 5.4 quake near Kaikoura 18:57

    Education:
    New Zealand election: Students hope tertiary fees will be scaled back under Jacinda Ardern 18:37

    Rugby:
    Folau to miss Wallabies' end-of-year Tour 18:37

    Rugby League:
    No Kiwi return guarantee for Taumalolo 18:07

    International:
    'It's about bloody time': Period 'blood' shown in advertisement in effort to confront taboos 17:47

    Accident and Emergency:
    Drunk teen crashes car in Alexandra 17:27

    Health & Safety:
    NZ hospital spurns Ronald McDonald 16:57


     News Search






    Power Search


    © 2017 New Zealand City Ltd