Metlifecare turns to a profit in 2013 after merger boosts property portfolio

Fri, 23 Aug 2013

By Tina Morrison Aug. 23 (BusinessDesk) – Metlifecare, New Zealand’s second-largest listed retirement village operator and developer, turned to a profit in 2013 as it benefited from a larger business following the merger with Vision Senior Living and Private Life Care Holdings. The Auckland-based company posted a profit of $120.3 million in the year ended June 30, from a loss of $141.7 million in 2012 when it wrote down the value of its portfolio by $99.8 million. Revenue rose 44 percent to $92.2 million as it increased unit sales by 214 perc...

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