Summerset 1H profit almost triples as it sold more rights and land value doubled, shares gain

Mon, 12 Aug 2013

By Tina Morrison Aug 13 (BusinessDesk) – Summerset Group, New Zealand’s third-largest listed retirement village operator, almost tripled first half profit as it sold more occupation rights and the value of its investment property more than doubled. Summerset’s net profit rose 174 percent to $10.8 million in the six months ended June 30, as revenue rose 16 percent, the Wellington-based company said in a statement. The shares rose 3.3 percent to $3.10. Summerset, whose shares have surged 57 percent in the past year, completed 102 new retireme...

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