Metlifecare sees annual earnings growth of up to 18%

Metlifecare 12-month price history (NZX.com)

Metlifecare [NZX: MET], the retirement village operator which counts the New Zealand Superannuation Fund and Infratil as cornerstone investors, sees annual earnings growth of up to 18 percent provided current trading conditions stay in place.

The Auckland-based company forecasts underlying profit of between $34 million and $38 million in the 12 months ending June 30, up from $32.1 million a year earlier, it said in a statement just before the market closed. The guidance assumes recent trading conditions will persist, it said.

Underlying profit removes the one-off gains Metlifecare recognised from the merger with Vision Senior Living and Private Life Care Holding and unrealised movements in the value of its property portfolio.

The shares were unchanged at $4.10, and have climbed 29 percent over the past 12 months.

Metlifecare reported a 77 percent lift in first-half underlying profit to $15.3 million, and was focused on driving development opportunities in the upper North Island, where it hopes to benefit from an ageing population in need of quality retirement and aged care facilities.

(BusinessDesk)

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