February 24, 2014 / 7:41 PM / 4 years ago

NZ's Summerset full-yr profit more than doubles

WELLINGTON, Feb 25 (Reuters) - New Zealand retirement village operator Summerset reported on Tuesday a 131 percent rise in full-year profit on increased sales.

Summerset, which operates rest homes and offers in-home care services, said net profit after tax was NZ$34.2 million ($28.4 million)from NZ$14.8 million a year ago.

The result included NZ$8.4 million of gains in the value of land holdings, and income tax losses of NZ$2.2 million.

The company, which listed in 2011, announced a dividend of 3.25 NZ cents per share, from 2.5 cents last year.

Summerset is New Zealand’s third biggest retirement village operator with 17 villages, and six sites for future developments.

The sale of units rose 21 percent on a year ago, while the number of units built was up 31 percent.

The company has said it plans to build 300 new retirement units a year to meet increasing demand in the country’s growing elderly care industry. ($1 = 1.2037 New Zealand dollars) (Reporting by Naomi Tajitsu)

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