Summerset notes flattening property market as earnings rise 27%

Mon, 13 Aug 2018

By Paul McBeth Aug. 14 (BusinessDesk) - Summerset Group Holdings said a flatter property market is providing smaller valuation gains for the retirement village operator and developer. Underlying earnings, which strip out fair value movements in the value of the portfolio, rose to $45.2 million in the six months ended June 30, up 27 per cent from $35.78 million the year before, largely in line with guidance provided last month. Net profit, however, fell 9 percent to $82 million. The Wellington-based company registered a $78.3 million un...

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