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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news