Strong demand for retirement village units and aged care saw New Zealand’s Oceania Healthcare turn a NS$13.6 million loss into a NZ$85.5 million net profit after tax.

Revenue was NZ$175.4 million, with premium care revenue up 12% on the previous year's 12-month period ended May.

"Approximately 55% of our care portfolio is now premium beds or care suites, compared to 34% at the time of our IPO (initial public offer) in 2017," said CEO Brent Pattison (pictured).

The company opened 217 units and care suites across three sites in the 10-month period.

Oceania is continuing to focus on its premium care strategy. Premium care revenue is driven by increased deferred management fee capture.

Mr Pattison said: “the execution of our premiumisation strategy is a critical driver of underlying performance. Approximately 55% of our care portfolio is now premium beds or care suites, compared to 34% at the time of our IPO in 2017. For the 10 months to 31 March 2021, Oceania generated premium care revenue which is 12% higher than premium revenue for the full 12-month period to 31 May 2020.”

Oceania Healthcare said it had plans to develop about 2,000 units and care suites.