(The Nzherald)
Retirement village owner-operator Summerset Group pushed up its bottom line profit 32 per cent but underlying profit fell 7 per cent when the company spent more during the pandemic.
Net profit after tax, which includes unrealised property revaluations, rose 32 per cent to $230.8 million for the year to December 31 but full-year underlying profit was $98.3m. The net uplift was driven by major revaluation rises of $221.1m.
