Kiwi Income Property Trust lifts half year profit

Wednesday 24 November 2004

Kiwi Income Property Trust today announced a 5.1% lift in its half year profit and said it expected an increased full year result.

By The Landlord

The property development and management trust posted a first half net profit after tax of $25.2 million, 5.1% over the same period last year.

Total operating revenue for the six months to September 30 at $41.98 million was up 17.1% on last year.

The trust will pay an interim gross interim dividend of 4.34 cents per unit including 0.81 cents per unit in imputation credits on December 17.

Trust chief executive Angus McNaughton said an expansion of the trust's property portfolio, a good performance by its retail portfolio, strong leasing activity and positive rent reviews over the period had raised its earnings expectations for the full year.

"As a consequence the trust is now projecting a gross dividend of between 8.60 to 8.70 cents per unit for the full year to 31 March 2005, an upward revision of its 2004 Annual Report projection of between 8.40 to 8.60 cents per unit," McNaughton said in a statement.

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