Summerset Group has more than tripled its year profit, due to adding more retirement units to its villages and lower development costs.
The retirement village operator, which listed on the stock exchange in late 2011, made $14.8 million in the six months in December, compared with $4.3 million in the same period a year ago.
Stripping out unrealised accounting changes, underlying profit nearly doubled to $15.2 million.
Revenue rose 13% to $38 million.
Chief executive Norah Barlow says new sales of units rose by half while resales of existing units rose by a third. Development margins rose to 12% by managing its own construction activity.
The company has a goal of lifting its rate of building 200 units per year this year to 300 per year by 2015.
Summerset has 1646 retirement units and enough land to add 1400 units and 400-plus care beds. It will pay a dividend of 2.5 cents per share.
