Demand for aged care drives up Oceania Healthcare profits – RNZ

Strong demand for retirement village units and aged care has driven up profit and revenue, Oceania Healthcare says.

Photo: 123rf

The company, which changed its balance date to 31 March, said the result for the 10-month period was $85.5 million, which was a turnaround from a loss of $13.6m in the previous year's 12-month period.

Revenue was $175.4m, with premium care revenue up 12 percent on the previous year's 12-month period ended May.

"Approximately 55 percent of our care portfolio is now premium beds or care suites, compared to 34 percent at the time of our IPO (initial public offer) in 2017," said chief executive Brent Pattison.

The company opened 217 units and care suites across three sites in the 10-month period.

"We have observed strong volumes of sales across both independent living apartments and villas, as well as our care suite products," Pattison said.

Go here to read the rest:

Demand for aged care drives up Oceania Healthcare profits - RNZ