ING Medical operating profit rises 8.4% on higher rents

Operating earnings rose to NZ$12.1 million in the 12 months ended June 30, from NZ$11.1 million a year earlier, the company said in a statement. Gross rental income rose 12%, it said.

The property trust said its medical facilities in New Zealand and Melbourne, Australia, have provided a buffer to slowing economic growth and dwindling credit market liquidity. Its units rose 0.9% to NZ$1.10, a discount to its NZ$1.30 net tangible asset backing.

The trust's medical and healthcare focus "generally insulates it from mainstream economic issues," chairman Bill Thurston said. "The trust is well positioned to see through the negative sentiment around the medium-term outlook."

The trust will make a fourth-quarter distribution of 2.45 cents a unit, lifting annual payments by 3.2% to 9.8 cents.

By Jonathan Underhill

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