Nurse consoling a senior woman in the nursing home holding her hand in the nursing home Photo: Kzenon
Large retirement village operator Metlifecare has reported a first half loss as it invested for growth, while gains on the value of its portfolio fell 78 percent.
Key numbers for the six months ended December compared with a year ago:
- Net loss $18.9m vs $12.8m net profit
- Revenue $105.8m vs $98.3m
- Change in fair value of properties $10.1m vs $46.7m
Despite a slow housing market, the sale of occupation rights rose 13 percent to $218.1m, reflecting strong resales and new units.
Total assets rose by $324.7m over the period to $5.96b.
The company said it remained focused on its growth plan, which was in its third year, with a significant investment in employee, property, digital and other expenses.
The company's portfolio increased to 37 operating retirement villages and 24 co-located aged residential care homes with the the purchase of Springlands Lifestyle Village and aged care home in Blenheim.