Summerset lifted its first-half net profit 42 percent as the value of its properties increased.
However, the retirement village operator's underlying profit was down 6 percent, reflecting its investment in building a record numbers of homes.
Summerset's net profit for the six months ended June rose to $15.3 million while underlying profit eased to $9.4 million compared with the same six months last year.
As previously reported, sales of new units were down 9 percent, an outcome which has disappointed the market.
Summerset shares fell as low as $2.83 in morning trading, down 15 cents from Monday, and they have fallen more than 20 percent since peaking in January.
