Trans Tasman Properties first half profit up 70%

Trans Tasman Properties executive chairman Don Fletcher said the increased profit reflected the company's changing focus, "with more emphasis on earnings derived from development activity and less on the traditional portfolio of existing properties".

The npat of $12.2 million for the six months to June 30 was 69.4% up on the $7.2 million posted during the previous corresponding period. The company did not declare a dividend.

Fletcher said the group's total revenue for the period was down slightly at $26.7 million compared with $32 million last year.

"The decrease in revenues follows the further disposal of properties in the second half of 2003 resulting in lower rental incomes, partially offset by $2.6m of development earnings this year."

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