Solid result for Summerset on revaluation gains

(Image: Summerset)

Mon, 26 Feb 2024

New Zealand’s second-largest stock exchange-listed retirement village owner-operator has increased bottom-line profit by 62%. Summerset Group, which was listed on the NZX in 2011, made $436.3 million net profit after tax in the full year to Dec 31, 2023.That was the second highest in its history, after portfolio revaluations rose 64%, defying the housing market downturn.But expenses rose 17% from $225.7m to $263.8m, which included an extra $9.9m from higher wages and the rising costs of insurance, rates and electricity.Higher in...

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