13 Aug 2013

Summerset first-half net profit well up

11:21 am on 13 August 2013

First-half net profit for Summerset Group Holdings more than doubled as its property values rose and as sales of new units jumped 40%.

Net profit for the retirement village operator rose to $10.8 million for the six months ended June from $3.9 million in the same six months last year.

A rise in the value of Summerset's property boosted the result by $10.1 million, up from a $4.4 million dollar boost in the first-half last year. Underlying profit rose 45%.

Managing director, Norah Barlow, who is retiring next year after 12 years at the helm, but who will stay on as a non-executive director, said the biggest driver was the needs of the company's residents.