Urbus to move towards becoming property developer

Saturday 15 May 2004

Urbus Properties signalled a new direction towards becoming a developer when it delivered a $34.3 million profit for the March year yesterday, almost double last year's result.

By The Landlord

But there was no increase in shareholder dividends.

The $405.2 million Urbus portfolio was revalued up 10 per cent, giving a $10.1 million revaluation gain. Shareholders will get a gross final dividend of 4.5c a share on June 11, taking the full-year dividend to 9c, exactly the same as last year.

Urbus chief executive Murray Barclay said that although the net profit was well up, cash flow had not improved enough to justify an increase in dividend and the minimum amount to be paid out had been set at 9c, a target the company had met.

Two Auckland redevelopments worth $15 million were being planned, Barclay said. Urbus was examining the prospect of redeveloping a warehouse site on Ti Rakau Drive in Manukau, planning to build extra warehouse and bulk retailing there.

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