Trans Tasman quitting range of NZ holdings

Announcing the half-year result yesterday, Trans Tasman executive chairman Don Fletcher disclosed the sales deals on the table.

Trans Tasman made $12.2 million in the June half-year, up on its $7.2 million previously.

Revenue fell from $32 million to $26.7 million, mainly because the Hong Kong-controlled company pulled in less rent due.

Net asset value per share was 64.2c, up only marginally on the previous 63.6c because of "currency movements".

The asset base is sinking fast.

Trans Tasman sold $132.5 million worth of property this year, quitting the Fletcher Penrose site for $72 million, Citibank Centre in Auckland's CBD for $30.5 million and four Takapuna properties for $30 million.

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