Photo: 123RF
Retirement village operator Ryman Healthcare's bottom line profit is down nearly a third reflecting a smaller gain on the value of its portfolio.
Key numbers for the six months ended September compared with a year ago:
- Net profit $194.0m vs $281.5m
- Revenue $274.2m vs $247.9m
- Underlying profit $138.8m vs $95.9m
- Valuation gain $261.1m vs $285.1
- Interim/final dividend 8.8 cents a share vs 8.8 cps
"We are currently in a rapidly changing and uncertain macro-economic environment in both our markets, and the board and management are mindful of the impact this is having on our business," group chief executive Richard Umbers said.
"We are therefore closely monitoring our cashflows and capital management," he said, adding the company was setting up a dividend reinvestment plan, which would apply to the interim dividend.
"This reflects feedback from our shareholders and provides us with more flexibility to manage our balance sheet as part of our ongoing capital management," he said.
The company currently has 10 development sites under construction in New Zealand and five in Australia.
Booked sales of occupation rights were up 10 percent on the first half of last year.
"While this is a good result for the half, we want to do better," Umbers said.
"I am confident that we have the strategy, the team, and the ability to deliver and we look forward to expanding this programme of work."