Listed retirement specialist
Summerset pushed up underlying profit 46 per cent to make
$22.2 million for the full year to December 31.
The business made $34.2 million net profit after tax, up 131
per cent on 2012.
That includes $8.4m of gains in the fair value of greenfield
land held in Auckland and the benefit of income tax losses of
$2.2m, recognised for the first time.
Managing director and CEO Norah Barlow said last year was one
of high growth and she was very happy with the performance of
"We purchased five new sites in 2013: Lower Hutt, New
Plymouth, Casebrook and Wigram in Christchurch, as well as
additional land adjacent to our Trentham site. We welcomed
our first residents to Dunedin and Katikati, and have started
construction on our Karaka and Hobsonville sites," she said
in an NZX announcement out this morning.
Shareholders will get an annual dividend of 3.25 cents a
- By Anne Gibson of the