NZ's Precinct Properties year profit rises strongly
WELLINGTON Aug 20 (Reuters) - New Zealand commercial property investor Precinct Properties Ltd posted a more than tripling in profit on Tuesday, on higher rental income, property value gains, and a tax gain.
The company, formerly called the AMP Office Trust Ltd, reported a net profit of NZ$157.5 million ($127 million) for the 12 months to June 30 compared with NZ$45.1 million the year before.
The latest result had a gain of NZ$46.3 million on the value of its building portfolio against a NZ$5.5 million gain the year before.
It also reported a non-operating deferred tax gain of NZ$39.7 million from a change in the estimate of provisions for depreciation claw-back.
It said its full year dividend would be 5.12 cents a share against last year's 5.04 cents.
Precinct, which owns 15 office buildings and a shopping mall in the central business districts in Auckland and Wellington, said it was looking for earnings growth from increased occupancy rates on improved demand.
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