A strong property market and growing demand from retiring baby boomers has lifted the half year profit of the country's biggest retirement village operator.
Ryman Healthcare's half-year profit rose 8.4 percent Photo: 123RF
Ryman Healthcare's net profit for the six months ended September rose 8.4 percent to $202.6 million, compared with $187m last year.
The underlying profit, which removes the changes in property values, rose 11.4 percent to $85.2m.
The chairman, David Kerr, said the aged care sector and the company are in good shape.
"Strong gains from the resale of occupancy rights had driven the result, as Ryman's unique villages and high-quality care offering continued to be in strong demand," he said.
Dr Kerr said resale volumes grew by 12 percent, despite weakness in the broader real estate market.
"We are keeping an eye on the property market like everyone else. It is also important to remember that moving into a Ryman village is usually a decision based on health needs, rather than a purely market-driven decision," he said.
Dr Kerr said the company is in a strong position to grow.
He said work is underway on three new Auckland villages and one in Melbourne, and the operator is on the hunt for new sites on both sides of the Tasman.
For the full-year, the company is forecasting an underling profit of between $195m to $210m.
