Friday 24th November 2000
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Retirement home developer and manager Ryman Healthcare is ahead of budget for the six months to September due to the commissioning of new resthome and retirement facilities.
The company appears to weathering an oversupply of older facilities on the market.
The last annual report was slightly under forecasts because of delays in obtaining resource consents.
But financial controller Simon Challies said the second half result was well ahead of budget.
In the latest half-year result development income has reduced to about 25% ($10.8 million) as other sources of income become more significant such as care fees ($10.9 million), resales of units ($5 million).
Total income for the period was $28 million and the net surplus after tax and interest costs was $7 million, which compares to last year's $6.4 million.
The company has total assets of $121 million. But the debt of the group has nearly doubled during the period from $18 million to $30 million with consequent higher interest payments.
Mr Challies said Ryman benefits from operating comprehensive villages with diverse income streams rather than stand-alone facilities.
Directors have declared an interim dividend of 2.8c a share (no imputation credits available).
- Chris Hutching
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