Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Summerset 2Q sales growth stalls as development in focus

Summerset second quarter sales growth stalls as development in focus

By Tina Morrison

July 4 (BusinessDesk) - Second quarter growth stalled in the sale of occupation rights at retirement village operator Summerset Group as it focuses on developing villages for future growth.

Wellington-based Summerset sold 103 occupation rights in the second quarter, compared with 100 in the same quarter last year, the company said. That equates to growth of 3 percent, compared with a gain of 23 percent in the same quarter last year.

In the most recent quarter, new sales of occupation rights rose to 57 from 52 while resales slipped to 46 from 48, the company said.

In February, Summerset posted a doubling of annual profit to a record as sales of occupation rights in its retirement villages reached an all-time high. Still, chief executive Julian Cook said earnings growth may not be as fast in the current year as the company spends money to acquire sites and build villages ahead of making sales.

Shares in Summerset last traded at $3.40, and have gained 4.6 percent so far this year. The stock is rated an average 'hold' with a median price target of $3.71, according to analyst recommendations compiled by Reuters.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news