25 Feb 2010

Properties help Metlifecare into profit

8:36 pm on 25 February 2010

Retirement village company Metlifecare has reported a half-year profit, largely driven by a revaluation of its investment properties.

Metlifecare made a $17.3 million profit to the end of December, compared to a loss of $61.9 million for the same period the previous year.

The latest profit figure includes an $18.8 million revaulation of the company's investment properties.

Revenue for Metlifecare to December rose to $49.5 million, compared to a loss of $25.2 million the year previous.

No dividend is proposed, but Metlifecare says its half-year performance points to a more positive outlook.