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Oceania Healthcare's annual profit jumped 72% largely thanks to revaluation gains, and the aging healthcare operator plans to accelerate new developments as it enjoys strong resale margins and new sales of village units.
Net income amounted to $ 77 million during the fiscal year ended March 31 compared with $ 44.9 million in the previous period, said the Auckland-based company in a statement. Underlying earnings, which include pro-forma adjustments, increased 53% to $ 52.1 million. These two figures exceed the expectations of its 2017 IPO document, "due to a significant increase in valuation of healthcare assets and retirement villages in Oceania," said Earl Gasparich, Chief Executive Officer. underlying profit of at least 51% and meet expectations in its IPO document. At a time when the underlying annual underlying profit would increase by at least $ 51.4 million from the $ 34 million reported in 2017.
The shares traded at $ 1.09 and are in 14% increase since the beginning of the year. The company raised $ 200 million during the IPO last year, selling stock at 79 cents each.
The result may increase the interest for the title as a major issue could come into play tomorrow. Among the IPO conditions, a 57% stake in the company held by Macquarie Group managed funds and senior executives may be sold from Friday at the end of the escrow period [19659005]. following an increase in development capital expenditures and the acquisition of new sites. It now has 3,982 care beds, care suites and units across the country.
Oceania and other New Zealand retiree village operators are expanding their business to meet growing demand as people born in the post-war period reach their age target for operators
"We currently have 451 extra beds and units. The construction of five sites in four metropolitan sites is expected to materialize over the next fiscal year, which is a significant advance over the forecasts provided at the IPO, "said Gasparich. The delivery rate is double the 131 unit and the care suites completed by March 31st.
The company has increased its expected future construction rate by 200 beds and units shown at the time of the IPO to 250 per year over the three years to May 31, 2021, which will increase to at least 300 beginning in 2022.
Gasparich stated that new banking facilities are in place to finance this increase in the construction rate on the basis of current forecasts
. 2100 units and beds across the country, we have about seven years of development ahead of us, and 61 percent of this pipeline is already approved, "he said.
The debt ratio was 22 May 31, with a net debt of $ 150.8 million compared to $ 84.4 million the previous year The credit facilities were refinanced in July 2018 with total facility limits rising from $ 235 million $ 350 million dollars.
It will pay a final dividend of 2.6 cents per share with a record date of August 13 and a payment on August 20.
(BusinessDesk)
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