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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

World

Afghan wedding halls light up sombre Kabul nights

Celebrating a marriage is a cultural must, even if it means going deeply into debt.

Agence France-Presse 5:00am

Books Interview

Author's South African experience shapes new novel

Lauren Francis-Sharma knows people may find 'Casualties of Truth' hard to read.

The Washington Post 5:00am

Author's South African experience shapes new novel

Technology Free Business of Tech podcast

Startups, being wrong, and near-death experiences

'The smart way is to try and build these companies up one at a time.'

Peter Griffin 5:00am

Startups, being wrong, and near-death experiences

Sponsored

Investing in US technology: Navigating a high-speed sector

A new exchange-traded fund gives Kiwis access to US tech giants.

Smart Invest

Sponsored

Security of supply: Marsden Point isn’t the issue as assurance offered for liquid fuel supply

How NZ will stay fuelled despite major global supply risks.

Z Energy

More Property

Property

Sore spot in LA’s housing crisis: vacant foreign-owned homes

Spotlight on Chinese and other buyers over hundreds of thousands of empty dwellings.

The Wall Street Journal 15 Feb 2025

Property

Du Val receivers PwC still trying to sell three properties

Du Val properties in Waitākere, Henderson, and Māngere are still being marketed by receivers PwC despite an expressions-of-interest campaign that opened in October and closed toward the end of November.On Oct 25, nearly 1ha of land planned to serve as the site for many new homes...

Staff reporters 14 Feb 2025