Summerset expects 1H underlying profit to be up to 16% lower

Thu, 09 Jul 2020

Summerset Group said its first-half underlying profit could be up to 16 percent lower on the year before because of the impacts of covid-19, which halted construction as well as property settlements. The retirement village operator and developer said it expects underlying profit for the six months to June 30 to be between $40 million and $45 million. “Relative to 1H19 underlying profit, this guidance is between 6 percent and 16 percent lower,” it said. Summerset delivered 139 new retirement units in the first half. The lockdown saw co...

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