AMP NZ Office lifts half-year profit

Craig Stobo, chairman of AMP NZ Office TrustZealand Photo / Paul Estcourt

AMP NZ Office, with $1.2 billion of real estate, has announced a $28.4 million net profit after tax for the half-year to December 31, 2010.

This year's net after tax profit was up on the previous corresponding period last year, when the Trust reported a loss of -$29.1 million.

Net interest expense rose $1.1 million to $11 million, previously $9.9 million and total gross income was down from $70.3 milion to $68.5 million.

The trust leases a large amount of space to the civil service, an area the Government plans to cut.

The company also owns the country's most hi-spec refurbished office block at Auckland's 21 Queen St, a green-star rated tower which is mostly empty.