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New Zealand: Arvida reports drop in H1 profits

Retirement village operator Arvida has reported a 14.5% slump in profits for the first half of the year to NZ$14.5 million (US$9.9 million). At the same time, revenues were up 27.9% to NZ$60 million.

There was a fair value gain of NZ$8.9 million on investment properties, down 37.8% on last year’s gain, as the New Zealand property market came off the boil.

Total assets were NZ$310 million higher at NZ$847 million following the acquisition of Bethlehem Views, Cascades, Copper Crest and Lauriston Park in the second half of last year and a material increase in development expenditure. “Construction has continued to progress well on our major developments with around NZ$50 million of work in progress. Our development pipeline now includes over 1,000 units and beds to be progressively completed over the next five years,” said CEO Bill McDonald.

The group offered no outlook for the year.

Shares in Arvida rose 1.71% yesterday to NZ$1.19.
Posted on: 22/11/2017 UTC+08:00


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