Property revaluation gives Pegasus a $1.9 million boost – on paper

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Property revaluation gives Pegasus a $1.9 million boost – on paper

Pegasus House
The valuation of Pegasus House gave rise to a $1.9 million revaluation gain over the past financial year

Pegasus Health’s updated Christchurch building has had a big rise in value since being re­developed to house the 24 Hour Surgery.

Pegasus chief financial officer Jacky Percy says the independ­ent valuation of Pegasus House, based on completion of the new 24 Hour Surgery, gave rise to a $1.9 million revaluation gain, leading to an overall company result of a $2 million surplus.

Pegasus Health “Group” con­sists of Pegasus Health and its subsidiaries, the major one be­ing Pegasus Health (LP) Ltd, which holds a 50 per cent in­vestment in teletriage organi­sation HomeCare Medical Ltd.

The group’s operating result for the financial year ending 30 June was a $729,000 surplus which, when combined with movement in property valua­tions, gives a $2.5 million sur­plus at the bottom line.

The financial statements in­clude Pegasus Health (Charita­ble) Ltd and its associates, the most significant being After Hours Properties Ltd, which owns the 24 Hour Surgery, col­lectively known as “the compa­ny”. This recorded a $227,000 surplus, which was $1.1 million better than budget.

The company’s revenue in­creased by $2.8 million as a result of, for example, incre­mental increases for managing the South Island’s electronic request management sys­tem and electronic health re­cords system, HealthOne, and new initiatives in mental health­care.

The most significant com­ponent of expenses, after wag­es and salaries, continued to be providing support to practices for information systems.

Financial statements show 58 people employed by Pegasus earned more than $100,000 in the financial year.

This includes 18 Pegasus employees earning between $100,000 and $110,000, six be­tween $160,000 and $170,000, one person earned between $240,000 and $250,000, and another between $310,000 and $320,000.

Read more about Pegasus providing business support to its practices over the past year. See page 22

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