Listed property investor Kiwi Income Property Trust Ltd today posted a net profit after tax of $43.4 million for the year to March 31 and announced a one-for-six rights issue.
That compares with a $35.38 million profit a year earlier.
The company will pay a partly-imputed dividend of 4.53 cents on July7.
Kiwi Income said its rights issue, which is pitched at 82 cents per unit, aimed to raise $69.4 million to expand the Northland Shopping Centre in Christchurch.
Units in Kiwi Income last traded down a cent at $1.01.
Today's result was buoyed by the trust's acquisition of the Royal & SunAlliance Centre, Kiwi Income chairman Jim Syme said.
"It's a pleasing result, in no small part due to the strong sales in the Trust's retail assets which were up by 9.4 per cent overall," said Mr Syme.
"The agricultural sector boomed, boosting confidence in the provincial economy and ultimately confidence in the property and retail market overall in New Zealand.
"One year on from acquisition, the Trust's Royal & SunAlliance Centre also contributed well to the result. It was 95.1 per cent leased at year-end, compared with 88.9 per cent as at March 2001."
