Kiwi Income Property Trust boosts FY profit

Sunday 23 May 2004

Kiwi Income Property Trust today posted a 9.7% rise in net profit after tax (npat) to $49.1 million for the year ended March.

By The Landlord

A final dividend of 3.821 cents per share will be paid on June 25.

The trust said the major boost to its income came from a growth in its leasing across its retail portfolio, and a reduction in interest costs.

"Overall, leasing across the Trust's retail and office portfolio was very strong and income streams will be enhanced by initiatives undertaken during the past year. The office portfolio will also be further diversified by the acquisition of Unisys House in Wellington's CBD and government precinct, " Angus McNaughton chief executive of the manager of the trust said.

Total assets grew $187 million to $1.099 billion, up from $912 million the previous year, while investors' funds stood at $746 million, a rise of $80 million compared with $666 million the previous year.

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