Property boom near triples Metlifecare's half-year net profit, more construction underway

Tue, 23 Feb 2016

By Fiona Rotherham Feb. 24 (BusinessDesk) - Metlifecare, the listed aged care and retirement company, has more than tripled half-year net profit, mainly due to the impact of booming property prices, particularly in Auckland and the Bay of Plenty, and given renewed impetus to its development pipeline. Net profit for the six months ended Dec. 31 was $125.7 million, up from $37.7 million in the prior half, although underlying profit, which removes property revaluations measures and gives a clearer measure of operating performance, rose 29 pe...

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