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- Release Date: 23/05/14 10:30
- Summary: FORECAST: MET: Metlifecare Lifts Underlying Profit Guidance
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MET
23/05/2014 08:30
FORECAST
REL: 0830 HRS Metlifecare Limited
FORECAST: MET: Metlifecare Lifts Underlying Profit Guidance
Date: 23 May 2014
Media Release
METLIFECARE LIFTS UNDERLYING PROFIT GUIDANCE
Metlifecare (NZX: MET; ASX: MEQ) advises that its underlying profit1 guidance
for the year ending 30 June 2014 is increased to a range of $43 million to
$46 million, from its previous guidance of $34 million to $38 million.
The lift in underlying profit guidance results from stronger settlements
activity at The Poynton Stage 3 and higher capital gains and deferred
membership fee income from resales activity. The underlying profit earnings
guidance is based on Metlifecare's trading performance to 30 April 2014 and
assumes a continuation of these recent trading trends for the next two months
to 30 June 2014.
Development is underway at three villages on Auckland's North Shore. Stages 1
and 2 at The Orchards in Glenfield, collectively 54 apartments and 36
hospital beds, are now under construction, with considerable interest shown
in both stages. At Metlifecare's newest retirement village, Greenwich Gardens
in Unsworth Heights, earthworks are nearing completion. The final stage of
construction, comprising 62 apartments, at The Poynton is also underway.
With 14 out of a total of 25 villages in the Auckland area, Metlifecare is
well positioned for growing retirement village demand in the region.
ENDS
About Metlifecare
Metlifecare is a publicly-listed aged care and retirement lifestyle company.
Established in 1984, the company has a proven track record of successfully
owning and managing retirement villages in New Zealand. Metlifecare currently
owns villages in prime locations throughout the North Island of New Zealand,
with most providing a full continuum of care from independent villas and
apartments through to serviced apartments, rest homes and hospitals.
1 Underlying profit before tax removes the impact of unrealised gains on
investment properties and excludes one-off gains and deferred taxation. It is
a non-GAAP financial measure and is not prepared in accordance with NZ IFRS.
Underlying profit before tax is an industry-wide measure and Metlifecare
believes it assists readers understand the operating performance of the
business. Underlying profit is reconciled to reported profit in
Metlifecare's half year announcements on 28 February 2014.
For more information, please contact:
Alan Edwards Chief Executive Officer
Phone: +64 9 539 8000
www.metlifecare.co.nz
End CA:00250774 For:MET Type:FORECAST Time:2014-05-23 08:30:06
