The New Zealand Rural Property Trust virtually doubled its after-tax profit to $6.44 million for the June year compared with $3.26 million for the previous year.
The trust said yesterday that it would pay a 1.77c a share dividend to unit-holders. It made a $6.97 million capital repayment to unit-holders during the year.
Trust chief executive Tim Ryan said the profit reflected strong international commodity prices, a weaker NZ dollar and favourable climatic conditions, all of which contributed to an improvement in rural property values.
The strong performance has led to a substantial increase in the net asset value per unit to $1.53, compared with $1.38 a year earlier.
Mr Ryan said a big factor behind the strong result was the decision of unit-holders to change the structure of the trust to a closed-end trust last October.
- NZPA
NZ Rural Property Trust profit surges
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