Summerset annual profit more than doubles to record; pace may slow after fast growth

Mon, 24 Feb 2014

Feb. 25 (BusinessDesk) – Summerset Group, whose shares have made almost three times the gains of the NZX 50 Index since listing in 2011, said annual profit more than doubled to a record as sales of occupation rights in its retirement villages reached an all-time high. Net profit rose to $34 million, or 15.87 cents a share, in calendar 2013, from $14.8 million, or 6.9 cents, a year earlier, the Wellington-based company said in a statement. Revenue gained to $45.2 million from $38 million. The company has 18 villages and a land bank equivalent...

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