Tuesday 2nd December 2008
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The company plans to open the village next year, with sufficient space for 500 residents and 120 staff, the company said.
The Orewa site marks the 21st retirement village for Ryman. The company's shares fell 2.7% to $1.42 and are down 29% this year.
Last month the company posted a 10% gain in first-half profit as it opened new villages amid rising demand.
Profit rose to $26 million in the six months ended September 30, from $23.6 million a year earlier. Chairman David Kerr said the company's cash flows were "very strong" and it had sufficient to ensure rising dividends and funding for expansion.
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