AMP NZ Office Trust increases payout despite flat profit

Thursday 5 August 2004

AMP NZ Office Trust said today it was increasing its payout by 16.9% per unit despite posting a flat June year net profit of $34.1 million ($34.2m in 2003). The listed office property investor said earnings per unit were 8.0, while the distribution per unit rose 4% to 7.0 cents.

By The Landlord

Operating profit rose 2% to $48.2m. The company is projecting a full-year distribution for the 2005 year of 7.2 cents per unit, representing an income return to investors of 8.7% at the current unit price.

Executive manager Robert Lang said the distribution represented an annual yield of 8.5% on the average unit price during the financial year.

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