WELLINGTON Aug 13 Profits at the New Zealand
retirement village operator Summerset Group Ltd more
than doubled in the six months ended June due to growing sales.
Net profit after tax came in at NZ$10.8 million, the company
said on Tuesday, compared with NZ$3.9 million a year ago.
"We have seen sales of occupation rights grow strongly in
the first half of the year and are seeing good waitlists in all
of our villages," Managing Director and CEO Norah Barlow said in
Barlow said she would retire in the first half of 2014.
The company said it expected to declare a final dividend in
line with policy following full year results.
Last month, Summerset said first-half sales were up 11
percent on a year ago.
It has a total of 16 retirement villages in operation or in
development, with a stated aim of building 200 units this year,
and 300 units next year.
The company listed on the New Zealand Stock Exchange in late
2011, and debuted on the Australian exchange in mid-July.
Shares in Summerset closed at NZ$3.00 on Monday. So far this
year, it risen 33 percent, hitting a post-float high of NZ$3.25
in May, against an 11 percent gain for the benchmark NZX-50
In May, major shareholder Quadrant Private Equity Funds
Management Ltd cut its stake to about 23 percent from 37
(Reporting by Naomi Tajitsu; Editing by Kevin Liffey)