National Property Trust posts lower annual profit
The National Property Trust has posted a lower annual operating profit for the period ahead of its transformation from a trust to a company called NPT Ltd.
The National Property Trust has posted a lower annual operating profit for the period ahead of its transformation from a trust to a company called NPT Ltd.
It reported a $8.8 million profit before non-recurring expenses, other gains or losses and tax, in the year to March 31, down from $9.19 million in the same period last year. The trust became a company on April 1.
"This result was higher than forecast, predominantly due to occupancy rates being better than expected and indirect operating expenses being lower than expected," NPT said.
The net loss after tax for the year was $14.67m, compared to a net loss of $7.37m a year earlier. It reflected downward revaluations of Christchurch properties, which had been previously signalled, after the February 22 earthquake. Its Christchurch properties include the Eastgate shopping mall, which was materially damaged by the earthquake.
NPT chairman Sir John Anderson said the situation in Christchurch would occupy much of the company's attention during the coming year.
"The other key focus for the NPT board will be to develop a clear strategic direction for the new company. We believe that the new structure will have a number of advantages including the removal of performance fees and a significant reduction in asset acquisition and divestment costs," Sir John said.
NZPA
Mon, 30 May 2011
Mon, 30 May 2011
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National Property Trust posts lower annual profit
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