Arvida posts first-half profit of $7.4 mln, expects to beat full-year prospectus forecasts

Wed, 25 Nov 2015

By Jonathan Underhill Nov. 26 (BusinessDesk) - Arvida Group, which operates 21 retirement villages and aged care facilities, posted first-half profit of about $7.4 million, putting it on track to meet its prospectus forecast for full-year earnings. Arvida listed in December 2014, having raised $75 million in an initial public offering at 95 cents a share. It was created through the merger of an initial 17 retirement villages and added to that in July with the $62 million cash and scrip purchase of the three Aria villages in Auckland. The...

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