Originally Posted by
oldtech
I am unsure how to interpret these results, would be keen to hear from those with better insight than me (which is most people on this forum ...)
Underlying profit well up, by 21%. BUT BUT BUT ... net profit before and after tax well down (10%/11%).
Looking at the appendix, this seems to be due to a lower figure for "fair value movement of investment property"; IE 209.9 vs 234.5. Is this basically saying the property market has slowed, therefore the increase in value on the property is lower?
Other points I see:
Sales of occupation rights down by 6%
Two newly acquired sites announced today:
- Milldale: 6.0 hectare site in a new suburb on the Hibiscus Coast
- Waikanae: 25.5 hectare site close to Waikanae Beach and golf club (estimated village size of 8.0 hectares)
Not sure how I feel about the prospects for Milldale - it's located just a little further from the shops than I would have thought suitable for a retirement village.