Aveo is the hero for parent FKP with $117 million profit

Australia’s largest owner of retirement villages, Aveo, has announced a profit result of $117 million, from 80 villages it owns or manages. $40 million cash profit was generated (up 53% on last year) plus $76 million in property revaluations (an actual decrease over 2009 – perhaps reflecting a new valuer’s approach). Retirement head, Justin Laboo, would be pleased to see that retirement now accounts for 62% of FKP’s profits and many consider that retirement has saved the company from the Global Financial Crisis. The shares in FKP traded at $0.75 this week – not a major recovery from November 2008 crisis point where the shares hit $0.65. In January 2008 however they were $6.41.