The result was welcomed by brokers from Craigs Investment Partners and Forsyth Barr as strong and beyond expectations, but they also identified concerns over unit resale gains and slightly declining targeted build rate.
Ryman chairman Dr David Kerr said for the full year, the company was on track to achieve its medium-term target of growing underlying profit by 15% per annum.
Ryman's total operating revenue was up 13% from $87.9 million to $99.5 million while underlying profit was up 22%, from $48.1 million to $58.5 million.
Ryman has 26 villages and more than 7000 residents in New Zealand, while its first Australian village, in Melbourne, is under construction and has sold 48 units, six months before opening.
Ryman shares, up more than 70% this year, were at $7.92, following the announcement yesterday.
Craigs Investment Partners broker Peter McIntyre said the result followed an exceptionally strong fourth quarter.
Earnings had benefited from continued strong sales in Christchurch and Tauranga, a buoyant property market and growth in aged-care earnings as facilities opened in the first half of the year matured, he said.
Forsyth Barr broker Haley Van Leeuwen said the result was slightly ahead of expectations in most areas, including more than 22% increases in the $58.5 million underlying profit, earnings per share and boost to the first-half interim dividend, to 5.6c.
Care revenues were up 13.5% and realised fair value portfolio change was up 32%, the latter driven by 31% development margins and new sales pricing up 14% on a year ago.
''This is a standout feature of the result and has been helped by attractive pricing reflective of strong demand and a buoyant housing market,'' Ms Van Leeuwen said.
Mr McIntyre said the only negative surprise was the unrealised resale gain bank declined slightly from $250 million as of March to $240 million as of September, suggesting ''sluggish growth in ... unit prices over the period''.
Ms Van Leeuwen said the build rate was below target, with the first half 2014 build rate of 193 units and 80 beds well below the annual target of 700 in total.
