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Metlifecare sees profit ahead despite $1.3M loss

By Phil Boeyen, ShareChat Business News Editor

Thursday 14th September 2000

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Retirement village operator Metlifecare says the company remains on track for full year profit despite its half-year loss of $1.3 million.

The loss includes $1.6 million of abnormals, and was on the back of operating revenues of $37.1 million compared with $26.4 million for the half year to June last year.

Metlifecare chairman, Peter Fitzsimmons, says the latest result is disappointing but not a surprise. He says many of the costs and abnormals relate to the company's ongoing restructuring programme, and issues at two development sites, which have now been resolved.

"The company is currently trading well despite a tight residential property market. Sales at our major development sites of Pinesong and Remuera in Auckland and Coastal Villas in Paraparaumu have picked up over the past two months."

"The retirement village and aged care market has a bright, long term future in New Zealand and the board is satisfied that Metlifecare, as the market leader, is soundly placed to benefit from impending demographic changes and the resulting demand for new lifestyle options."

The company is hoping to finalise a new chief executive appointment within the next few months. No dividend has been declared.

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