A drop by 8.9% in full-year profit was posted by Ryman Healthcare, the retirement village operator, due to an increase in costs by 20%, while a gain by 1.2% was seen in the shares.

Via a statement, the company said that its net profit fell to $66.1 million in the year ended March 31 from $72.6 million a year earlier, while its revenue hiked 22% to $92.4 million.

The company's total expenses increased 20% to $80.2 million and the shares jumped 2 cents to $1.64 on the NZX 50 index today and have risen 18% so far this year.

It was specified by Ryman that it had strong finances, capable of allowing for a higher dividend payment and investment in new villages, though the company's operating cash flow fell 9.2% to $114 million. The company raised its final dividend by 5% to 5.25 cents per share.

Chairman David Kerr, said, "Presales for our new villages are strong, we have term bank facilities in place, and we have sufficient land to build more than 1,700 new units or beds."

(via TopNews New Zealand. Contributed by Tangaroa Snell)