Net profit was $28.5 million in the 12 months ended March 31, from $11.5m forecast in its prospectus, the Auckland-based property investor said in a statement.
Investore Property, the property investor spun out of Stride Property last year, posted an inaugural full-year profit as a listed company that beat its prospectus forecast after recording a stronger-than-expected increase in the value of its property portfolio.
Net profit was $28.5 million in the 12 months ended March 31,
from $11.5m forecast in its prospectus, the Auckland-based property investor said in a statement. It provided six-month figures for the year-earlier period which weren't easily comparable.
Other key measures of financial performance were broadly in line with the company's forecasts. Net rental income was $35m in the year, versus the $34.9m base case estimate in its prospective financial information. Corporate expenses were $4.7m versus $4.8m forecast and net finance expenses were $13.3m versus $12.9m.
Distributable profit before tax was $21.2m compared with a forecast of $20.7m, allowing the company to declare annual cash dividends of 5.34 cents a share, including 2.06 cents for the quarter ended March 31. It is targeting payments for 2018 of 7.46 cents. Its property portfolio was valued at $660.4m and net drawn debt was $261m, for a bank loan to value ratio of 39.5 per cent.
Other income was $13.7m versus a forecast expense of $1.2m, which Investore said included the net change in fair value of investment properties. It paid tax of $2.3m compared with $4.5m forecast.
