Summerset lifts annual earnings 44%, beating profit forecast

Thu, 22 Feb 2018

By Tina Morrison Feb. 23 (BusinessDesk) - Summerset Group lifted annual earnings 44 percent, ahead of its forecast, after the retirement village developer and operator built more units and improved its margins. Underlying earnings, which excludes property revaluations, increased to $81.7 million in calendar 2017, from $56.6 million in 2016, the Wellington-based company said in a statement. That's ahead of its forecast for earnings of between $77 million and $79 million. Net profit jumped 54 percent to $223.4 million, as the value of th...

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