Metlifecare's Sowry sees 'little bit of softening' in property market, no let-up on costs

Mon, 27 Feb 2017

By Paul McBeth Feb. 27 (BusinessDesk) - Metlifecare chief executive Glen Sowry says rising property prices that have helped underpin his company's fortunes in recent years are showing signs of slowing, although he doesn't anticipate a drastic downturn. The Auckland-based retirement village operator's first-half profit was buoyed by a $170.7 million gain in the value of its property portfolio in a market where prices have been rapidly rising over the past two years. That also helped the company reap fatter margins on sales of its units, e...

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