Urbus increases profit by 12 per cent

Urbus Properties yesterday posted a 12 per cent higher after-tax profit of $13.6 million for the six months to September 30.

The company said the profit had been achieved on operating revenue of $24.98 million, slightly up on last year.

A lease surrender payment made by supermarket operator Foodtown for their lease at Waitakere Plaza was a contributing factor in the profit increase.