Summerset's underlying profit down 7%, property values jump

Tue, 23 Feb 2021

Summerset Group's bottom-line annual profit was up 32% thanks to its retirement villages being worth more, but its underlying result was down 7% due to the added costs of dealing with the covid-19 pandemic.The company had warned in December that its underlying annual profit would fall by between 7% and 10%.The $230.8 million net profit for calendar 2020 was boosted by a $221.1m jump in the value of its villages compared with the 2019 gain of $165.3m while the underlying result came in at $98.3m.When valuing the villages at June 30 last year...

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