ING Property Trust posts $11M profit

Wednesday 24 November 2004

ING Property Trust today posted an $11.08 million profit for the September half year, up from $1.8 million for the same period last year.

By The Landlord

Trust chairman Michael Smith said the increased profit reflected the "significant progress being made in repositioning the Trust, through growing and improving its asset base".

The trust also declared a gross interim dividend of 2.68 cents per unit including imputation credits of 0.61 cents per unit for the three months to September.

The trust's total operating revenue for the September half year was $18.3m from $3m for the same period last year.

Smith said the trust's ongoing "acquisition and rationalisation programme" had contributed strongly to its performance since the beginning of the financial year.

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