Kermadec Property Fund has reported a distributable profit of $3.5 million in the year ending March 31, compared to $5.1 million last year.The Auckland-based property company said the results were due to increase leasing incentives, higher bank margins, s
Kermadec Property Fund has reported a distributable profit of $3.5 million in the year ending March 31, compared to $5.1 million last year.
The Auckland-based property company said the results were due to increase leasing incentives, higher bank margins, swap closeout costs, and the impact of asset sales.
Kermadec's net rental income was $9.2m, $1.4m less than in 2009. Its net loss after tax was $2.62m, compared to a $11.9m loss last year.
The company said its rental income was affected by asset sales and lower occupancy, while its smaller loss was due to revaluation of properties and a gain on interest rate swaps.
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