Coronavirus costs dent Arvida's first-half profit

Tue, 24 Nov 2020

Arvida's first-half net profit fell 7 percent, reflecting about $5 million in additional costs because of the coronavirus crisis as well as fewer sales of new and existing units.The retirement village and aged care company's net profit of $41.8 million for the six months ended September included a $37.7 million unrealised gain on its properties, up from the previous first-half's gain of $35.3 million.Operating cash flow was strong at $52.9 million, up from $30.4 million in the previous first half.Chief executive Bill McDonald said t...

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