Oceania Healthcare profit soars 72% to $77m

Company News

by Jessica Amir

Oceania Healthcare (ASX:OCA) reported a lift in all key financial results for the 12 months to 31 May 2018, with its net profit soaring 72 per cent on the back of higher resale profits and new development sales.

The company which provides dementia, respite, palliative and retirement village living in New Zealand, saw its profit hit NZ$77 million. That’s 45 per cent higher than its IPO forecast of $53 million.

Its total revenue rose about 9 per cent, compared the same time last year, hitting NZ$252 million.

Its net tangible assets per security strengthen over the period to NZ$0.85, up from $0.74 (same time last year).

Shares in Oceania Healthcare (ASX:OCA) closed flat yesterday at $1.015.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.