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Kermadec Property Fund has reported a net gain of $2.3 million in the value of its property portfolio as at the end of March.
That increased the value of the company's portfolio to $128.2 million and lifted net asset backing per share by 3c to $1.15 before adjusting for deferred tax, the company said today.
The valuations by independent valuers were subject to audit, and would be confirmed in the company's financial result for the year, which Kermadec expected to release in mid-May.
Kermadec, which has a portfolio of eight commercial and industrial properties, listed on the stock exchange in December 2006. Its shares closed at 71c yesterday, having fallen from $1.15 a year ago.
- NZPA
