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Company results so far: Positive signs as Covid recovery kicks in


Company results so far: Positive signs as Covid recovery kicks in
22 Feb, 2021 11:00 PM
6 minutes to read
Skellerup s share price is up over 100 per cent over the 52 weeks to Feb 23. Photo / Supplied
Skellerup s share price is up over 100 per cent over the 52 weeks to Feb 23. Photo / Supplied
NZ Herald
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. ....

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Revaluations push Property For Industry net profit down 36 per cent


Revaluations push Property For Industry net profit down 36 per cent
21 Feb, 2021 09:13 PM
3 minutes to read
Less spectacular property revaluations pushed NZX-listed real estate specialist Property For Industry s full-year net profit down 36 per cent, from $176 million to $113.5m.
Property valuations did not rise as fast last year as they had in 2019, which affected the bottom line and revenue also fell.
A $72.5m fair value gain on investment properties, as compared to a $125.2m fair value gain in the prior year, was the main contributor to this reduction in profit, the business said in its result for the year to December 31, 2020.
Yet the company also said it produced a robust result in testing times, the business had borrowed an extra $50m from the Commonwealth Bank of Australia and got that extended until March next year. ....

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