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Capital Properties Announces $9m 6 Month Profit

Capital Properties New Zealand Limited today announced a net surplus after tax of $9.1 million for the six months ended 30 September 2004. This represents an increase of 25.7% compared to the net surplus after tax of $7.2 million for the same period last year.

Earnings per share rose to 3.82 cents per share compared to 3.59 cents for the previous corresponding period, representing an increase of 6%.

The six months under review have seen several significant achievements by the Company including the start of construction on the new Defence Headquarters in Wellington, the renewal of several government office leases on favourable terms and an agreement to purchase an attractive retail asset in New Plymouth, Centre City Shopping Centre.

In addition a review of treasury operations has been completed and is already delivering significant benefits.

The improved net surplus after tax for the period under review is due mainly to lower interest costs. Also assisting the result is the reversal of previous non cash provisioning of $0.9 million for net interest costs on interest rate swap contracts for which there was no matching debt as at 31 March 2004.

The Company announced a second quarterly gross dividend of 2.25 cents per share made up of 1.90 cents cash and 0.35 cents imputation credits with a record date of 26 November, payable 10 December. This results in a gross dividend for the six months ended 30 September 2004 of 4.50 cents comprising cash of 3.80 cents and imputation credits of 0.70 cents.

The gross dividend for the full year to 31 March 2005 will be 9 cents per share, as previously forecast.

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