Summerset beats guidance but village values written down

Mon, 17 Aug 2020

Summerset Group's first-half net profit fell 99 percent due to write-downs in the value of its retirement villages and covid-related impacts, but its underlying result came in at the top end of the company's guidance. Net profit for the six months ended June fell to $988,000 compared with $92.6 million in the same six months a year earlier, but the underlying result was $45.1 million, down 6 percent. Shares in the company rose 1.8 percent from the opening price to $7.50. In early July, Summerset had guided to an underlying result betw...

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