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Aged care service provider Oceania Healthcare has reported a large first half net profit reflecting a gain in the value of its portfolio, but is otherwise little changed.
Key numbers for the six months ended September compared with a year ago:
- Net profit $35.2m vs $11.2m
- Revenue $131.6m vs $122.1m
- Underlying profit $37.6m vs $38.1m
- Fair value gain $47.4m vs $21.3m
- Interim dividend nil
"The directors have resolved not to pay an interim dividend to provide for ongoing investment in Oceania's growth and portfolio transformation," chairwoman Liz Coutts said, adding the company would consider paying a final dividend.
Chief executive Brent Pattison said the company was focused on developing its property portfolio, with total assets increasing by 6 percent in the six-month period to $2.7 billion.
The increased value includes fair value movements of $61.6m and other developments during the period.
"Our development portfolio has progressed well with a leading portfolio of premium, bespoke and newly developed boutique residences," Pattison said.
"We have achieved increased sales volumes in the period, particularly in regional locations outside of Auckland.
"We expect stronger development margins as we sell down our new apartment developments in urban precincts across New Zealand."
Total sales volumes were up 13 percent on the year earlier, with a 38 percent increase in new sale volumes of 84 independent living units and care suites.