Retirement village developer and operator Summerset Group Holdings more than doubled first-half net profit as its property values rose and sales of new units jumped 40%.
Net profit for the company rose to $10.8 million for the six months ended June, from $3.9 million for the same time last year.
A rise in the value of Summerset's property boosted the result by $10.1 million, up from a $4.4 million dollar boost in the first-half last year. Underlying profit rose 45%.
Managing director, Norah Barlow, who is retiring next year after 12 years at the helm but who will stay on as a non-executive director, said the biggest driver was the needs of the company's residents.
"We're selling places like Nelson and Hastings and Warkworth and Dunedin. We're not selling Auckland," Ms Barlow said.
"So when we look at the strong property market, I think it's a bit overstated because the vast majority of that strength is in Auckland."
