Metlifecare posts annual loss on $99.9M writedown in property valuation

Wed, 22 Aug 2012

By Paul McBeth Aug 23 (BusinessDesk) - Metlifecare, the retirement village operator that merged with major shareholders Vision Senior Living and Private Life Care, slashed the value of its property portfolio by $99.8 million, sending it to a full-year loss. The company made a loss of $141.7 million, or $1.04 per share, in the year ended June 30, from a profit of $20.8 million, or 17 cents per share, a year earlier. Revenue fell 1.5 percent to $64.2 million, led by a 7.9 percent fall in the fees charged to residents for the use of village com...

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