Anzo reports slight increase in year's profits

New Zealand's biggest listed office property investor AMP NZ Office Trust (Anzo) today reported a slight increase in net profit for the year to June.

Anzo's net profit after tax and before revaluations of $34.5 million was up 0.6 per cent on the previous year's $34.3m.

Executive director Robert Lang said total assets had increased by 10.8 per cent to $842m and net property income had also risen by 32.8 per cent to $64m.

Performance highlights over the year included a 43.8 per cent return on the $38.4m acquisition and refurbishment of Wellington's Pastoral House (completed in May); 16.4 per cent annual returns on Mobil on the Park and State Insurance office towers (acquired July 2004); and the completion of 18 rent reviews, resulting in an average increase of 13 per cent.

Mr Lang said vacancy levels in the Auckland and Wellington office markets are currently at historic lows and the trust is well positioned to capture future rent growth.

"In the period to June 2006, 17.8 per cent of Anzo's total net lettable area, or more than 36,000 square metres, is subject to rent review," he said.

The trust declared a full year payout of 7.32c a unit.

Anzo's trust units were 1c down at 98c by early afternoon.

- NZPA