Retirement village operator Metlifecare's operating profit for the year to December fell 79 per cent to $1.7 million from $8 million in 1998.
Revenues gained 9 per cent to $68.4 million. No final dividend will be paid.
Metlifecare said the operating surplus had been impacted by a one-off restructuring cost of $1.6 million.
Chairman Peter Fitzsimmons said the restructuring of the company would unlock value in company operations and the introduction of strategic shareholder Todd Capital would underpin the company's future aspirations.
"Implementation remains the key objective," he said. "The board is confident of an improved result for 2000 and beyond."
Metlifecare shares closed up 5c to 210c yesterday.
Pension village operator's profit slashed
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