Oceania Healthcare's annual net profit slides amid development work

Wed, 24 Jul 2019

By Jenny Ruth July 25 (BusinessDesk) - Oceania Healthcare’s annual net profit fell 41 percent as the value of its properties held steady while better development margins were offset by increased costs. The retirement village operator’s net profit for the year ended May fell to $45.4 million from $77 million the previous year, which included $68.3 million of property revaluation gains. Oceania says underlying net profit from continuing operations fell 1.8 percent to $49.7 million. The company completed three development projects on t...

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