Trans Tasman Properties profit up but jitters mean shares slip 14pc

Friday 13 February 2004

Trans Tasman Properties reported a full year profit of $24.3 million yesterday, but worries about its intentions to invest in risky foreign property appeared to be the catalyst for a shareprice fall of almost 14 per cent.

By The Landlord

Executive chairman Don Fletcher said he was pleased with the result, which was up from the $1.3 million loss reported last year.

Trans Tasman's result was buoyed by gains from the full consolidation of Trans Tasman subsidiary Australian Growth Properties (AGP) last month.

Net surplus after such gains increased to $40.6 million, the company said.

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