End of year results to 31 May 2003

ElderCare New Zealand Limited today announced its full year results for the financial year ended 31 May 2003, with improved operational performance across the Group.

The Group’s return to core sustainable profits was lifted with the inclusion of a one-off gain of $0.93 million from the sale of the Regents Park property, and $0.38 million by recognition of the Group’s deferred tax position, including the deferred tax asset relating to non quarantined tax losses the board believes will be utilised now that the Group has returned to sustainable profitability.