UPDATED Summerset 1H profit almost triples as it sold more rights and land value doubled, shares gain

Tue, 13 Aug 2013

(Adds Rickey Ward’s comments in 3rd and 4th graph) By Tina Morrison Aug 13 (BusinessDesk) - Summerset Group, New Zealand's third-largest listed retirement village operator, almost tripled first half profit as it sold more occupation rights and the value of its investment property more than doubled. The company’s net profit rose 174 percent to $10.8 million in the six months ended June 30, as revenue rose 16 percent, Wellington-based Summerset said in a statement. The shares are the second-best performer on New Zealand’s benchmark index toda...

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