Summerset annual profit to fall after subsidy repayment

Wed, 16 Dec 2020

Summerset Group is expecting underlying annual net profit to fall by 7 percent-to-10 percent but has decided to repay the government's wage subsidy anyway.The guidance that underlying net profit for calendar 2020 will come in between $96 million and $98 million, down from $106.2 million last year, is after excluding the $8.6 million wage subsidy.Summerset also announced chair Rob Campbell will step down next April after leading the company's board for 10 years.Campbell said the retirement village operator is in a stable financial positi...

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