WELLINGTON - Property investment firm Kiwi Income Property Trust reported a net profit of $31.78 million for the March year, down from $32.26 million for the previous period.
Operating revenue also decreased, at $49.4 million, compared with $49.68 million last year, while net unrealised revaluation gains, based on independent advice, were $6 million.
Unitholders would receive a final dividend of 4.88c a unit next month.
Chairman Robert Narev said yesterday the trust's operating environment had deteriorated, particularly in the commercial sector.
"Investment activity in the market has slowed markedly as New Zealand has suffered from a lack of foreign investors while rising interest rates have also had a negative impact on the property market."
The trust was focused on maintaining income and building the lease expiry profile to maintain growth, he said.-NZPA
Kiwi Income's profit trimmed to $31.78m
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