Ryman underlying profit up 6.6%, villages devalued $70.9m

Fri, 12 Jun 2020

Ryman Healthcare missed its own pre-covid profit target but still reported a 6.6 percent rise in underlying annual profit. The bottom line was down 19 percent to $265 million for the year ended March due to independent valuer CBRE chopping $70.9 million off the value of the company's retirement villages – the previous year, the portfolio was revalued upwards by $102.4 million. The underlying $242 million result compares with the forecast $250 million to $265 million which the company withdrew in March when it had to shut down all construc...

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