Summerset lifts underlying profit 68%

Jenny Ruth
Tue, 24 Aug 2021

Chief executive Scott Scoullar said Summerset is upping its build rate. (Photo: supplied)
Chief executive Scott Scoullar said Summerset is upping its build rate. (Photo: supplied)
Jenny Ruth
Tue, 24 Aug 2021
Summerset's first-half net profit soared to $263.8 million because the value of its property soared but its underlying profit was also up 68%.The latest result for the six months ended June compared with just $1m in the same six months of last year.The retirement village operator's properties added $260.2m to the latest result compared to a $14.7m write-down the previous year, reflecting the huge uncertainty created by the covid-19 pandemic.The underlying result of $75.5m compared with $45.1m in the year-earlier six months. That was abo...

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