NZ's Arvida Group eyes best day in over a month on upbeat earnings, dividend

Arvida

25/05/2021 01:39

** Shares of Arvida Group Limited  ARV.NZ  rise as much as
1.7% to NZ$1.84, set for best day since April 15
    ** Retirement village and aged care operator posts 3-fold
rise in IFRS net profit after tax for FY to NZ$131.1 mln ($94.51
mln)  urn:newsml:reuters.com:*:nNZSsh7a
    ** Says shareholders will receive an increased unimputed
dividend of 1.50 cents per share for Q4 and says current level
of dividend is expected to be sustainable for FY22 
    ** Also announces the intention to move the target
distribution band to 40%-60% of underlying profit
    ** ARV outperformed the benchmark stock  .NZ50 , which was
down as much as 0.2%; stock was amongst the top gainers on NZ50
    ** Stock up 1.1% this year, as of last close, compared with
a 4.9% decline in the S&P/NZX 50 index


($1 = 1.3872 New Zealand dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))