Summerset says first-half underlying profit rose as much as 26% on stronger development margins

Mon, 09 Jul 2018

By Jonathan Underhill July 10 (BusinessDesk) - Summerset Group said first-half profit rose as much as 26 percent as stronger development margins made up for a lower volume of new sales. Underlying profit, which excludes unrealised valuation gains in the fair value of investment property, was between $43 million and $45 million in the six months ended June 30 from about $36 million a year earlier, the Wellington-based company said in a statement. Earnings grew 45 percent in the first half of last year. Summerset will release its detailed r...

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