New Zealand's Kiwi Income Property Trust year profit dips

WELLINGTON Mon May 19, 2014 4:43pm EDT

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WELLINGTON May 20 (Reuters) - Kiwi Income Property Trust Ltd's annual profit fell 7.7 percent because of higher costs, the company reported on Tuesday.

New Zealand's largest listed property company said the profit in the year to March 31 was NZ$101.3 million ($87.5 million) compared with last year's NZ$109.8 million profit.

The company said it would pay a dividend of 6.4 cents a unit compared with last year's 6.6 cents.

Kiwi Income has a portfolio of 12 central business district office blocks and shopping malls worth about NZ$2.1 billion. ($1 = 1.1575 New Zealand Dollars) (Gyles Beckford)

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