Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


DNZ Property lifts first half profit on falling expenses

DNZ Property lifts first half profit on stable rents, falling expenses

Nov. 15 (BusinessDesk) – DNZ Property Fund, a diversified property investor, reported rental income that was little changed in the first half, while profit climbed as expenses fell.

Net profit was $12.1 million in the six months ended Sept. 30, from $8.2 million a year earlier, the Auckland-based company said in a statement. Rental income was flat at $29.3 million, while property operating expenses dropped about 29 percent to $2.4 million, resulting in a $1 million net gain in rental income.

Distributable profit fell to $12.7 million or 5.15 cents a share, from $13 million, or 5.27 cents a year earlier. Finance expenses fell in the period and the company recorded a much smaller loss on disposal of investment properties that in the year earlier period.

The shares rose 0.3 percent to $1.58 on the NZX and have climbed 26 percent this year. They are rated a ‘hold’ based on a Reuters survey of five analysts, with a price target of $1.565.

The company said one of the highlights of the first half was to have the share price trading above its net tangible assets, which were $1.55 on an adjusted basis as at Sept. 30.

Trading at a premium to NTA “is a reflection that the listing of the company on the NZX and internalisation of the manager has delivered the benefits to shareholders that were outlined,” said chairman Tim Storey.

“The primary focus of the management team continues to be maintaining occupancy levels and rental income streams,” he said.

DNZ Property owns51 properties and has a weighted average lease term (WALT) of 5.7 years and an occupancy rate of 99 percent. The company also manages the $105 million property portfolio of Diversified NZ property Fund for Australian institutions.

Its biggest tenants include Bunnings, Fletcher Building, Progressive Enterprises and Foodstuffs.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news