23 Aug 2013

Metlifecare back in profit

12:47 pm on 23 August 2013

Retirement village operator Metlifecare has posted an annual net profit of $120.3 million compared with a losss of $141.7 million last year.

Both results included significant one-offs, positive ones this year compared with negative ones last year.

Metlifecare, which bought two other retirement companies in July last year, says underlying net profit rose 76% to $32.1 million.

At $74.2 million, net operating cash was 22% higher than the company's guidance in June 2012 when it was planning the purchase of the Vision Senior Living and Private Life Care Holdings companies.

Managing director Alan Edwards said cash is king and the enlarged company will mean more units being sold each year.