Retirement village operator Ryman Healthcare has posted a 15 per cent gain in first-half profit and bumped up its dividend as fee income grew.
Profit rose to $68.8 million in the six months ended September 30, from $59.6m, or 11.9 cents a year earlier, the Christchurch-based company said in a statement.
Revenue rose 19 per cent to $87.9m.
Ryman's total retirement village units and care beds rose to 5,882 in the first half, from 5,107 a year earlier.
In the latest period it completed its Diana Isaac Retirement Village in Christchurch. The company also gained approvals to build its first village in Melbourne.
"We are trading well and we're on track to achieve our target 15 per cent underlying profit growth for the full year," said chairman David Kerr.
"We've invested heavily in new aged care and retirement communities over the past 18 months and we are seeing some reward for that commitment."
Ryman will pay a first-half dividend of 4.6 cents a share, up 18 per cent from a year earlier.
In the first half, care fees rose 19 per cent to $71.8m and management fees climbed 19 per cent to $15.7m.
Operating expenses rose 17.6 per cent to $64m.