Seismic fallout hits Kiwi Income
Kiwi Income Property's interim result reflects earthquake effects.
Listed Kiwi Income Property Trust’s share price eased slightly following its interim profit announcement yesterday.
The company announced a distributable profit available for shareholders of $36 million for the half year ending September 2011, which is 9% ahead of the same period last year.
It was achieved on revenue of $102 million before various operational and financing expenses.
But the result also included unusual items such as $71.2 million of insurance proceeds recognised as income.
“This reflects the mid-point of the trust’s submitted claim and the insurer’s offer.”
Other write offs relating to the PricewaterhouseCoopers Centre in Christchurch reduced the final after tax profit including unusual items to $1.5 million.
The trust has submitted a claim related to the PricewaterhouseCooopers Centre (to be demolished) of $94.9 million, which includes business interruption. The building was previously in the books at about $50 million.
Other highlights included the sale of two properties for $8.4 million; progress on development of the ASB head office development at Auckland’s Wynyard Quarter; completion of a new foodcourt Centre Place Shopping Centre in Hamilton and planned $39 million revamp; strong sales at Northlands Shopping Centre in Christchurch; 92 new leases and renewals; 341 rent reviews resulting in an average 4.5% rental rise; plans to undertake earthquake strengthening to the Majestic Centre in Wellington at an estimated cost of $35 million.
Chris Hutching
Thu, 17 Nov 2011
Thu, 17 Nov 2011
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Seismic fallout hits Kiwi Income
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