Arvida’s underlying profit up 42%, boosted by Arena purchase

Chief executive Jeremy Nicoll says Arena’s results highlighted the rationale for its acquisition. (Image: Supplied)

Mon, 30 May 2022

Arvida lifted annual net profit by 52% as the value of its profits rose and its $345 million Arena acquisition performed better than expected.The Arena portfolio of six retirement villages is now valued at $70.3m more than the purchase price – the acquisition was settled on November 15 – and the overall gain in value was $156m, compared with the previous year’s $121.3m gain.The portfolio is now worth $3.4 billion, up from $2.2b a year ago.Net profit for the year ended March rose to $198.9m, while underlying net profit was up 4...

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