Slowing property market hits Melifecare

Glen Sowry, outgoing chief executive of Metlifecare

Metlifecare, New Zealand’s second-largest listed retirement village operator, has reported a significant slump in profits for the first half of the year thanks to a slowing property market. Profits fell 57% to NZ$24.5 million (US$16.8 million) on revenues that gained 9.7% to NZ$61.9 million. The value of the company’s total assets at balance date was…

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