NPT has posted a 16 per cent drop in annual profit, reflecting a bigger uplift in the year-earlier period from a revaluation of properties.

Net profit fell to $6.4 million, or 3.94c a share, in the 12 months ended March 31, from $7.6 million, or 4.71c, a year earlier.

The latest earnings included a $1.2 million boost following a revaluation of its investment properties, lower than the $2.6 million gain booked a year earlier. Revenue increased 3.7 per cent to $16.5 million.

The retail, commercial and industrial property investor has been repositioning its portfolio to focus more on Auckland.


In the past year its trading profit, which excludes one-time items, tax and unrealised changes in valuations, increased 16 per cent to $6.96 million as it benefited from a full year's trading at its Roskill retail centre in Auckland, which it bought in October 2013 for $32.85 million.

"NPT has balance sheet capacity for growth and the company's focus will remain on acquisition of property where both sound cashflow and growth opportunities exist," the company said, adding it will sell properties when the value has been maximised and opportunities for acquisition are identified for growth.

NPT will pay a 1.1c share quarterly dividend on July 3, taking its total for the year to 3.5c, ahead of guidance for dividends to be in line with the previous year's 3.2c. The company said it expected a minimum dividend of 3.5c for the 2016 year.

Shares in NPT closed unchanged yesterday at 65c.