Turnaround for DNZ Property
DNZ Property has returned to profit after last year's $31.7m management termination fee had tipped it into the red.
DNZ Property has returned to profit after last year’s management termination fee had tipped it into the red.
Operational earnings were largely in line with last year.
Last year’s $35.1 million after-tax loss was mainly attributable to the management termination fee of $31.7m paid to two directors.
This year’s profit after tax to the end of March was $20.7m on net rental income of $52m.
But the distributable profit to shareholders is $27.8m, based on the $28m operating profit before tax – DNZ still had unused tax losses of around $7m.
Next year it will resume paying tax.
There was an improvement in administration expenses offset by a small loss on the disposal of property.
Investors will receive a full year dividend of 8.5c a share and the company says it is on track for a 9c a share dividend for next year.
The shares are trading at $1.45 a share.
Chris Hutching
Wed, 23 May 2012
Wed, 23 May 2012
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Turnaround for DNZ Property
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