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Rights issue strengthens Metlifecare result

By Phil Boeyen, ShareChat Business News Editor

Thursday 14th March 2002

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Sales revenue has fallen but net profit has skyrocketed at retirement village operator Metlifecare (NZSE: MET).

The company has reported a net surplus of $7.2 million for the 12 months ended December, an increase of $6.7 million on the previous year's net profit of $474,000. The prior result included one-off costs of $2.2 million.

Chairman, Peter Fitzsimmons, says the latest result reflects margin growth and reduced operating costs.

"The injection of additional funds through a fully subscribed rights issue of $21 million contributed to debt reduction and has strengthened Metlifecare's financial position and ability to accelerate planned business activities.

"A successful development programme saw Metlifecare continue to realise the value held within its existing land bank, with considerable investment made in upgrading and refurbishing amenities at locations throughout the country."

Revenue for the year was $81.49 million compared with $85.34 million previously. No dividend has been declared.

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