Metlifecare posts $11.5m profit

Retirement village company Metlifecare today reported net profit of $11.52 million for the six months to June 30.

The company is changing its balance date to June 30 and compared the result to the $21.7m it made in the 12 months to December 31.

Revenue was $59.1m against the 12 month prior period's $127.6m and earnings per share 13.2c against 25c.

A final unimputed dividend of 9c a share will be paid on September 8. In 2005 the company paid 2.2cps.

During the period, Metlifecare resales of villas and apartments totalled 95 with an average selling price of $267,000 compared to $248,000 for 2005.

It sold 22 new villas and apartments with an average selling price of $449,000 compared to $549,000 in 2005.

Revenue from membership fees was $8.9m against $13.5m in the 12 months ended December.

At June 30, total assets stood at $356.7m, up from $309.1m at December 31.

During the period, Metlifecare bought two established villages -- Kapiti Village in Paraparaumu with 225 villas and The Avenues Retirement Resort in Tauranga with 81 apartments, plus land for future development.

At balance date, Metlifecare had 15 lifestyle villages incorporating nine care facilities, 2172 villas and apartments used by 2850 residents.

Metlifecare shares last traded at $6.15. They have traded between $3.46 and $6.21 in the last year.

- NZPA