Summerset annual profit falls as property market slows; underlying earnings still strong

Thu, 21 Feb 2019

By Rebecca Howard Feb. 22 (BusinessDesk) - Summerset Group said full-year net profit was down 11 percent as the property market slows in some parts of the country, leading to a smaller valuation gain on retirement village portfolio. Net profit was $214.5 million for the 12 months to Dec. 31, versus $239.9 million in the prior year. According to Summerset, the value of the company's investment properties increased by $210 million in 2018, compared with a re-stated $234 million gain a year earlier. New Zealand's retirement village operat...

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