The latest earnings included a $1.2 million boost following a revaluation of its investment properties, lower than the $2.6 million gain booked a year earlier. Photo / Thinkstock
NPT has posted a 16 per cent drop in annual profit, reflecting a bigger uplift in the year-earlier period from a revaluation of properties.
Net profit fell to $6.4 million, or 3.94c a share, in the 12 months ended March 31, from $7.6 million, or 4.71c, a year earlier.
The
latest earnings included a $1.2 million boost following a revaluation of its investment properties, lower than the $2.6 million gain booked a year earlier. Revenue increased 3.7 per cent to $16.5 million.
The retail, commercial and industrial property investor has been repositioning its portfolio to focus more on Auckland.
In the past year its trading profit, which excludes one-time items, tax and unrealised changes in valuations, increased 16 per cent to $6.96 million as it benefited from a full year's trading at its Roskill retail centre in Auckland, which it bought in October 2013 for $32.85 million.
