Summerset anticipates flat 1H underlying profit despite rise in sales

Summerset Palms in Te Awa, Napier, where a $50 million village centre building opened in November. (Image: Warren Buckland)

Gregor Thompson

Thu, 04 Jul 2024

Despite growth in sales, Summerset expects underlying profit to be flat for the first half of the year.In a Thursday trading update, the listed retirement village and aged care operator said it expects to deliver underlying profit of between $87 million and $90m for the six months to June 30.The lower end of the estimate would come in just under the underlying profit of $87.2m Summerset reported for the same period last year. Shares were down 0.53% to $9.45 in early trading.The flat guidance came despite a rise in the sales of occupational...

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