Augusta in red after $2m termination fee
Stock Exchange-listed Augusta has posted a $65,000 loss after making a $4.8 million profit last year.
It was the result of a $2m fee to terminate the management contract formerly held by Augusta founders, including Mark Francis.
Property revaluations also shaved $1.38m off the portfolio, mainly related to $4.6m spent on the new Countdown Metro Supermarket in central Auckland.
Rents were also slightly down after asset sales, leaving a distributable profit of $3.7m for the year ending March, 2012 compared to $3.8m the previous year.
During the year the company sold properties worth $8.5m. It still has $3.6m of “non-core” assets to sell.
The funds management business has two offerings under way – the JB Hi-Fi syndicate in Hamilton is fully subscribed, and the Farmers Hastings offer is due for settlement soon.
The company says it is optimistic there will be more offerings during the year.