Summerset Group's total assets jump 24% to $3b, 1H net profit eases slightly

Mon, 12 Aug 2019

By Rebecca Howard Aug. 13 (BusinessDesk) - Summerset Group reported a slightly lower first half net profit as valuation gains for the retirement village operator and developer continued to ease but its total assets jumped to more than $3 billion. Underlying earnings, which strip out fair value movements in the value of the portfolio, rose to $47.8 million in the six months ended June 30, up 6 percent from $45.2 million the year before. Net profit, however, fell 4 percent to $92.6 million. The Wellington-based company registered an $85...

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