Urbus lifts H1 profit 12% to $13.6m

Thursday 4 November 2004

Listed property company Urbus Properties Ltd today posted an after-tax profit of $13.6 million for the six months to September 30, up 12% on the previous corresponding period.

By The Landlord

Urbus' profit was achieved on operating revenue of $24.98m, slightly up on last year, the company said in a statement to the NZX.

Urbus said a lease surrender payment made by supermarket operator Foodtown for their lease at Waitakere Plaza was a contributing factor in the profit increase.

Urbus chairman Denis Thom said the company would pay a partly imputed interim dividend of 4.32c, up from 3.62c last year. The dividend record date is November 19.

The company said it had completed the final stages of rationalising its property portfolio by selling four properties for $15.54m against book values of $14.35m.

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