Summerset more than doubles first-half profit, steps up build rate in 2016

Mon, 10 Aug 2015

By Tina Morrison Aug. 11 (BusinessDesk) - Summerset Group, New Zealand's third-largest listed retirement village operator, more than doubled first-half profit as it boosted sales after opening four new villages in the second half of 2014. Profit rose to $35.7 million, or 16.33 cents per share, in the six months ended June 30, from $15.3 million, or 7.04 cents, a year earlier, the Wellington-based company said in a statement. Revenue rose 29 percent to $32.6 million as sales of occupation rights jumped 38 percent to a record 270. Underl...

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