St Laurence ups profit forecast

St Laurence Property & Finance Limited (SLP&F) has upped its profit forecast for the year ended March 31, on the back of rising property values.

In November SLP&F forecast a full year net profit of $18.06 million, it has now increased that forecast to $30-35 million.

SLP&F said it expected its valuation to jump due to the ongoing strength in the property market.

Updated independent property revaluations for the portfolio are expected within the next two weeks, after which SLP&F will give further profit guidance.

It is due to report its financial result next month.

SLP&F is a wholly owned subsidiary of St Laurence Holdings.

- NZPA