Aged care service provider Oceania Healthcare has reported a strong lift in first half profit, driven by increased demand for independent living apartments and villas.
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The first half net profit was up nearly 20 percent on the year earlier, or by $6m, although the numbers were not strictly comparable because the company changed its first half balance date from 30 November last year.
"Prior to the alert level four lockdown being announced on 17 August 2021, sales volumes were strong and development activities were progressing well," chief executive Brent Pattison said.
"The extended lockdowns, particularly in the Auckland region, have temporarily impacted Oceania's sales, delayed building works and have added direct costs associated with Covid-19."
The value of assets rose nearly 10 percent to $2.1 billion from 31 March, primarily due to significant capital spending and the purchase of Waterford and Franklin.
The company had a strong balance sheet following a seven-year retail bond issue of $100m in September, which was heavily oversubscribed as well as a $100m capital raising in April.