Summerset sees no underlying earnings growth in 2020

Tue, 25 Feb 2020

Summerset reported an 8 percent lift in its underlying profit in calendar 2019 but isn’t expecting any growth this year - for the first time since listing - because it is paying its workers more and development margins are falling.The retirement village operator and developer said its full year underlying net profit was $106.2 million versus $98.6 million in the prior year. The underlying earnings strip out fair value movements of investment property but add back the realised gains associated with re-sales and the development margin associ...

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