Listed Wellington building-owner Capital Properties announced an after-tax profit of $7.57 million for the half-year ended September 30.
The result was a rise of 31.5 per cent on the $5.58 million profit for the same period last year.
Capital Property chief executive Nick Wevers said the extra $1.81 million reflected the takeover of Auckland company Shortland Properties, completed last December.
He said the result was in line with expectations, but directors thought earnings per share for the full year would be lower than the 12.7 per cent projection made in December.
"This is mainly due to not leasing vacant space as quickly as assumed at the time of the Shortland Properties takeover," he said.
Earnings per share for the half-year was 6.34c, up from 4.82c for the same period last year.
Revenue rose 95.6 per cent to $26.93 million, and the operating surplus before tax was up 15.3 per cent to $8.53 million.
- NZPA
$7.5m profit for Capital Properties
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