UPDATE: Summerset annual earnings rise 50% as expansion accelerates

Wed, 22 Feb 2017

(Adds chief executive comment throughout, updates share price) By Tina Morrison Feb. 23 (BusinessDesk) - Summerset Group boosted annual earnings 50 percent after opening more retirement villages and improving its margins. Underlying earnings, which excludes property revaluations, increased to $56.6 million in calendar 2016, from $37.8 million a year earlier, the Wellington-based company said in a statement. That's ahead of its forecast for earnings of between $53 million and $55 million. Net profit jumped 73 percent to $145.5 millio...

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