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 LandlordTrust 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.
Read More - Opens in a new window
Commenting is closed
Proving tenant liability for damage has long been a major worry for landlords but a recent Tenancy Tribunal shows that it can be done.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.