NPT lifts first-half earnings 6.1% as retail rental income climbs
Operating profit before gains and losses rose to $3.3m in the six months ended September 30.
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National Property Trust [NZSX: NPT], the listed property investor, increased first-half earnings 6.1% as rental income from its retail buildings dragged up revenue, while a lift in the value of its overall property portfolio almost doubled profit.
Operating profit before gains and losses, typically the preferred measure for property investors as it removes changes in the value of their portfolios, rose to $3.3 million in the six months ended September 30 from $3.1 million a year earlier, the Auckland-based company said in a statement. Gross rental income rose 3.8% to $8.2 million, led by a 5.8% gain in income from its retail properties to $4.4 million. Revenue from its industrial and commercial buildings was flat at about $2 million and $2.1 million respectively.
Net profit advanced to $5.1 million, or 3.13c per share, from $2.6 million, or 1.59c, a year earlier, largely due to a $2.7 million increase in the value of its investment properties. That portfolio was valued at $163.4 million as at September 30.
The board declared a quarterly dividend of 0.875c per share, payable on January 8 to shareholders on the register at the close of trading on December 18.
The shares were unchanged at 63c, having increased 1.6% so far this year.
(BusinessDesk)
Paul McBeth
Tue, 24 Nov 2015
Tue, 24 Nov 2015
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NPT lifts first-half earnings 6.1% as retail rental income climbs
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