Oceania Healthcare first-half result down on property, wage costs

Thu, 24 Jan 2019

By Jenny Ruth Jan. 25 (BusinessDesk) - Oceania Healthcare’s first-half net profit plummeted 97 percent, reflecting the demolition of a care facility in Tauranga, other property related costs and the impact of the pay equity deal for aged care workers on wages. Net profit for the six months ended Nov. 30 fell to $1.3 million from $44.5 million in the same six months a year earlier. The year-earlier result included a $34.1 million gain in the value of its investment properties, compared with a gain of just $1.6 million in the latest six mon...

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