Misc

No payout from TTP as earnings tumble

Losses on asset sales and lower interest income have resulted in a drop in Trans Tasman Properties' profits.

Tuesday, August 23rd 2005

The property developer, with one foot in New Zealand and the other in Hong Kong, reported a net surplus of $6.5 million in the six months to June 30, down from $12.2 million in the first half of 2004.

Operating revenue more than doubled from $30.6 million in the first half of 2004 to $62.4 million in the latest result, and net asset value per share rose from 64.3 cents to 66.6.

TTP shareholders, who have been waiting for a dividend, were again disappointed with no payout proposed.

The company said the first half had been a period of consolidation after building up its development interests in 2004.

Its transition from a passive property investor to an active investor was now largely complete. The business had sold off big parts of its portfolio to invest heavily in projects in Hong Kong.

The company is 61.3 per cent-owned by SEA Holdings New Zealand, which is run by Hong Kong businessman Jesse Lu. It has three projects under way in Hong Kong, and sold or settled the sale of EDS House in Wellington, Qantas House and Finance Centre, and the partially completed Air New Zealand head office in Auckland.

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Property investors refocus on cash flow

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Wednesday, April 17th 2024

Rate cuts needed to lift mood

The enthusiasm that followed the change in government, mainly from property investors, has waned as homeowners and buyers hang out for interest rate cuts, says Kiwibank.

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Heartland Bank - Online	6.69
SBS FirstHome Combo	6.74
Wairarapa Building Society	6.95
Unity	6.99
Co-operative Bank - First Home Special	7.04
ICBC	7.05
China Construction Bank	7.09
BNZ - Classic	7.24
ASB Bank	7.24
ANZ Special	7.24
TSB Special	7.24

Unity First Home Buyer special	6.45
Heartland Bank - Online	6.45
SBS Bank Special	6.69
TSB Special	6.75
Westpac Special	6.75
China Construction Bank	6.75
ICBC	6.75
AIA - Go Home Loans	6.75
ASB Bank	6.75
Unity	6.79
Co-operative Bank - Owner Occ	6.79

SBS Bank Special	6.19
ASB Bank	6.39
Westpac Special	6.39
AIA - Go Home Loans	6.39
China Construction Bank	6.40
ICBC	6.49
Kiwibank Special	6.55
BNZ - Classic	6.55
Co-operative Bank - Owner Occ	6.55
TSB Special	6.59
SBS Bank	6.79

SBS FirstHome Combo	6.19
AIA - Back My Build	6.19
ANZ Blueprint to Build	7.39
Credit Union Auckland	7.70
ICBC	7.85
Heartland Bank - Online	7.99
Pepper Money Essential	8.29
Co-operative Bank - Owner Occ	8.40
Co-operative Bank - Standard	8.40
First Credit Union Standard	8.50
Kiwibank	8.50