NPT, New Zealand's listed property investor, increased first-half earnings 6.1 per cent as rental income from its retail buildings dragged up revenue, while a lift in the value of its overall property portfolio almost doubled profit.
Operating profit before gains and losses, typically the preferred measure for property investors as it removes changes in the value of their portfolios, rose to $NZ3.3 million ($A3 million) in the six months ended September 30 from $NZ3.1m a year earlier, the Auckland-based company said.
Gross rental income rose 3.8 per cent to $NZ8.2m, led by a 5.8 per cent gain in income from its retail properties to $NZ4.4m.
Revenue from its industrial and commercial buildings was flat at about $NZ2m and $NZ2.1m respectively.
Net profit advanced to $NZ5.1m, or 3.13 NZ cents per share, from $NZ2.6m, or 1.59 NZ cents, a year earlier, largely because of a $NZ2.7m increase in the value of its investment properties.
That portfolio was valued at $NZ163.4m as at September 30.
The board declared a quarterly dividend of 0.875 NZ cents per share, payable on January 8 to shareholders on the register at the close of trading on December 18.
The shares were unchanged at 63 NZ cents, having increased 1.6 per cent so far this year.
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