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Trust Posts Profit Of $10.96m

Colonial First State Property Trust announced today a net surplus of $10.96m for the nine months to 31 December 2001.

General Manager Lloyd Cundy said net income from the portfolio was up on the corresponding period last year and in line with expectations. The Trust’s portfolio is currently 99% occupied.

Mr Cundy said that the New Zealand property market is very active, with several large commercial transactions having already occurred in 2002.

“This increased level of activity is likely to continue throughout 2002 on the back of the current steady low interest rate environment.”

The Trust’s third interim distribution for the year ending 31 March 2002 will be paid on 22 March 2002. Unitholders will receive a gross distribution of 2.63 cents per unit made up of 2.2 cents cash and a 0.43 cent imputation credit. The Trust’s NTA increased from 98.24 cents per unit as at 30 September 2001 to 98.77 as at 31 December 2001.

ENDS

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