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 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.