Trust has big profit turnaround

The trust, which has nearly $300 million in assets and is listed on the NZX, yesterday reported an after-tax profit of $36.22 million for the year to May 31. This is a significant turnaround on last year’s $10.99 loss.

Net operating surplus before tax rose significantly 90.6% from $3.93 million to $7.48 million. Net surplus after tax was up 33.9% from $5.05 million to $6.76 million.

Gross revenue increased 10.5% to $20.36 million, due to higher rental income and increased occupancy in both the commercial and retail components of the property portfolio. Occupancy across the portfolio is now 98.8%.

A key driver behind the profit increase was revaluation gains of 11.8%.