Ryman Healthcare profit up 64pc
Ryman Healthcare's profit shot up 64 per cent after big revaluation gains and the business announced $205 million plans for Rolleston and a new $350m Melbourne village.
The biggest listed retirement village owner and operator on the NZX made $692.9m audited reported net profit after tax in the full year to March 31, 2022, up on last year's $423.1m.
But the bottom line figure included unrealised investment property revaluations which more than doubled from $201.2m last year to $467.1m in the latest year.
New Zealand operations made $589.6m of that net reported profit after tax and Australia $103.2m and one institutional investor said this morning the result was far strong than the market had expected.
"Speculators have borrowed Ryman stock and sold it on the expectation that it is being removed from the MSCI global index on May 31 and the share price would go down. This very strong result today may make it more challenging for short sellers to buy the stock back," one expert said today.
Underlying profit rose 13.6 per cent from $224.4m to $255m.
The company said it had made a record full-year audited underlying profit, helped by a resilient performance through the pandemic and a strong recovery in Victoria.
Shareholders are to get a final dividend of 13.6 cents per share, taking the total dividend for the year to 22.4cps which is 43.9 per cent of underlying profit. The dividend will be paid on June 17.
My Food Bag lifts profit by 18pc
My Food Bag said tight cost management allowed the meal kit company to mitigate the impact of a number of macro-economic challenges and deliver an 18.1 per cent lift in operating earnings to $34.2 million for the March year.
The company's net profit - including a $14.1m deduction of one-off transaction costs - came to $20m, up from $2.4m in 2021.
My Food Bag, which listed in March last year, declared a fully imputed dividend of 4 cents per share, bringing the total for the year to 7 cents.
Today's numbers were in line with an earnings guidance issued in April.
"In 2022 the business mitigated a number of macro-environment challenges, such as inflation, labour availability and supply chain pressures," chairman Tony Carter said.
"These were alleviated via selective price increases and tight cost management, as well as working closely with suppliers to adjust customer offers as required and micro-management to navigate labour uncertainty, particularly in Q4," he said.
Revenue came to $194m, up $7.6m on its listing document forecasts and up $3.3m on 2021.
Asset Plus profit slumps 81pc
Falling revaluations and rent, rising expenses, an empty office building and a rising tax bill pushed the Asset Plus full-year profit down by 81 per cent.
Net profit after tax fell from $15.95 million in the full year to March 31, 2021, to $2.93m in the same 2022 year after gross income fell from $13.9m to $11.93m and last year's $9.19m fair value investment property gains turned into a -$1.22m devaluation or writedown.
Expenses rose from $3.95m to $4.2m and having a half then completely empty office building didn't help at the company managed by Centuria NZ, owned by ASX listed Centuria Capital, trading around A$2.28 there.
"Net rental revenue reduced by $2.22m due to the reduced income at 35 Graham St," Asset Plus said yesterday, referring to that empty Auckland CBD office block vacated by Auckland Council.
From late June last year, the rent halved then in December when the building was empty after the council left, all rent dried up.
Operating expenses at the company chaired by Bruce Cotterill rose due to increases in rates and insurance.
Tenants at the company's Christchurch mall, Shirley's Eastgate, and a Mt Roskill strip suburban retail centre got pandemic rent abatements. That cut income further.
The company also clocked a valuation loss of $1.2m on its Graham St building.
Lower revaluations push Oceania profit down
Less spectacular revaluation gains were partly responsible for pushing Oceania Healthcare's bottom-line profit down 29 per cent but the retirement village business made far higher operating revenue.
The $85.7 million net profit after tax for the 10 months of the 2021 financial year fell to $61.1m in the March 31, 2022, year, due partly to last year's $83.3m revaluations turning down to $69.6m this year.
But operating revenue rose from $175.4m in last year's 10-month reporting period to $231.1m for the latest 12-month full year.
Operating cash flow was $105.5m, up on $96m for the previous 10 months, reflecting rising first-time sales of new properties and rest home suites and resales.
Retirement villages like Oceania make profits from ongoing sales of care suites, apartments and units when elderly residents become ill and die but the company was emphasising the first-time sales of its newly developed properties in today's result.
Total assets rose from $1.9b to $2.2b after Oceania bought Waterford at Hobsonville Point in Auckland and Franklin, Pukekohe. Growth in asset value on first-time sales of development sites was also cited for assets rising.