NZ: Metlifecare pushes FY17 profits to record $251.5M

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The country’s second largest village operator, with just 24 villages, says the 10% jump has been driven by a 14% increase in its total assets to $3B, plus a leap in resale gains and development margins.

In the last year the Group completed over 235 new units and aged care beds; its development margin grew from 13% to 23%.

In total, its underlying profit was $82.1M, up 24%, while unit sales added up to $82.5M or $640K per property.

Australia’s top three operators have close to three times the number of villages but overall they are valued lower and makes less profit.