Metlifecare Ltd said yesterday it expected to make $34-38 million in underlying profit for the June 2014 year, assuming recent trading trends continue.
When the company reported its half-year results a fortnight ago, it said underlying profit for the half was 77% higher than a year ago at $15.3 million.
The company, which merged with merger with Vision Senior Living Ltd & Private Life Care Ltd in 2012, has used the term ‘underlying profit” to remove the impact of unrealised gains on investment properties and to exclude one-off gains & deferred tax. It’s a non-GAAP financial measure and is not prepared in accordance with NZ IFRS, but is an industry-wide measure. Metlifecare believed it would help readers understand the operating performance of the business.
Attribution: Company release.