DNZ reports profit growth
Listed company DNZ Property Funds reported a positive profit for the half-year compared the previous periods loss.
Listed company DNZ Property Funds reported a positive profit for the half-year compared the previous periods loss.
Profit after expenses and tax was $8.1 million compared to its loss of $43.4 million in the prior period. That loss included a one-off payment of $31.7 million to terminate its external management contract.
The profit was a result of rental income at $29.2 million compared to $29 million the last half-year.
Profit before tax was $10.9 million compared to -$26 million for the previous period.
Corporate and financial expenses fell from $5.4 and $11.5 million to $3.7 and $9.2 million respectively.
Tax was $2.8 million reducing the profit figure to $8.1 million, additional adjustments and the change in fair value of properties accounted for a $1.8 million loss compared to a gain of $2.3 million the previous period.
All of these reductions resulted in a final bottom line of $6.3 million up from a loss of $41.1 million again impacted by the one-off $31.7 million payment.
Conor O'Brien
Thu, 17 Nov 2011
Thu, 17 Nov 2011
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DNZ reports profit growth
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