NZ’s Metlifecare villages report 97% occupancy, NZ$90M net profit

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The slowing NZ property market may have hit the retirement specialists’ village valuations but revenue rose last year from NZ$114M to NZ$141M.

Sales prices rose by 6%.

Underlying profit before tax rose 4% to $90M.

CEO Glen Sowry says, “Although the housing market in NZ remains soft, occupancy rates at the company’s 24 villages remains high at 97%.”

NZ’s third largest village operator has flagged a possible expansion to Australia.

Metlifecare’s 24 North Island retirement villages and 11 development sites are valued at AU$886M, compared to Aveo with 90+ communities valued at AU$1.27B.

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