NPT profits up as new CFO joins

In its 2016 interim results, the NZX-listed property company said it had a trading profit of $3.315 million for the six months to 30 September 2015.

This was a 6.05% increase on the same period in 2014.

The company’s rental income grew 3.78% to $8.466 million in September 2015, from $8.158 million in September 2014.

At the same time, its net profit after tax to 30 September 2015 almost doubled.

It was up from $2.568 million in the same reporting period last year to $5.076 million this year.

The company, which has a portfolio of retail, commercial and industrial properties in Auckland, Hawke’s Bay and Christchurch, said the increase was mainly due to a larger unrealised uplift in the fair value of its property portfolio,

The portfolio has increased in value by 4.27%. It grew to $163.420 million in September 2015, from $156.725 million in September 2014.

Shareholders will receive a cash dividend of .875 cents per share for the quarter ended 30 September 2015 with Imputation Credits of .1544 cents per share attached.

Meanwhile, NPT managing director Kerry Hitchcock this week announced the appointment of Stephen Reid as NPT’s new chief financial officer.

Reid is currently Vice President, Equity Research at First NZ Capital.

He has previously worked at DNZ Property Fund (now renamed Stride Property), ING Property Trust (now Argosy Property) and Metlifecare.

Hitchcock said NPT was delighted to have Reid join the company as it looked to grow and reshape the business.

“He is highly regarded by the investment market and his vast knowledge and experience within the listed property sector will be of a huge benefit to NPT."