New Zealand’s Ryman Healthcare records an $84 million net cash profit while building 700 ILUs and aged care beds

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Listed NZ village and care operator Ryman Healthcare has just announced a 17% increase in cash net profit for the year ended March 31, to $84 million, plus valuation increases of $37 million (total $121 million). This result is generates by their 24 villages with co-located care, offering integrated retirement include ILU’s, Serviced Apartments and low and high care. They are also currently building 700 ILUs. By comparison AVEO made $50 million in 6 months to December from 13,000 ILUs and Stockland is forecasting $35-40million profit for this financial year and growth in construction to just 800 ILUs a year by 2017.
Ryman is also about to commence building in Melbourne. (Last newsletter we incorrectly reported Metlifecare was building in Melbourne).