Summerset net profit up 131%

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 the company.

"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 share.

By Anne Gibson of the NZ Herald

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