Ryman Healthcare cites ‘challenging’ housing market in 4pc net profit drop

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Wed, 29 Nov 2023

New Zealand’s largest listed retirement company cited the “challenging” housing market in declaring net profit down 4% and downgrading its profit outlook.Ryman Healthcare’s reported net profit after tax fell 4% from $193 million a year ago to $186.7m for the six months to Sept 30.The company reported a $139m underlying profit, up slightly on the $138m it made at this time a year ago.Total revenue rose from $274m to $322m.But when house prices drop, people are more reluctant to sell and buy into a retirement village, so R...

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