National Property Trust reports $13m loss
Results released National Property Trust for the six months to September show the listed property vehicle suffered a loss of $13.03 million.Its distributable profit for the period was $4.45 million, down $400,000 on the same period last year due mainly to
Jazial Crossley
Thu, 25 Nov 2010
Results released National Property Trust for the six months to September show the listed property vehicle suffered a loss of $13.03 million.
Its distributable profit for the period was $4.45 million, down $400,000 on the same period last year due mainly to the unexpected expenses of the Christchurch earthquake and a rental guarantee ending early on its Carlton DFK property.
The biggest blow to its budget was a $14.63 million deferred tax expense due to depreciation deductions being wiped in tax changes in May.
Net asset backing for each share reduced from 70.47 cents in May to 69.11 cents.
National Property Trust general manager John Crone said the result was satisfactory given the current economic environment.
“It is also pleasing to see that property values have stabilised decreasing only 0.6 per cent over the last six months,” Mr Crone said.
“While we believe that the office rental market will be under pressure over the coming two years we consider that the Trust can continue to deliver further rental growth as the portfolio is currently under rented by an estimated 4.3 per cent.”
Its rental income fell by 22.9% in the six months to September, a monetary decrease of $2.247 million.
Investors will receive distribution of 1 cent a unit for the September quarter due to be paid in January.
Jazial Crossley
Thu, 25 Nov 2010
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