NPT 1H loss narrows to $9.8M, says likely to abandon Natcoll House

Monday 7th November 2011 1 Comment

NPT, the property company that used to be National Property Trust, reported a narrower first-half net loss on write-downs of a portfolio that includes two earthquake-damaged sites in Christchurch.

The loss was $9.8 million in the six months ended Sept. 30, from $13 million as a trust a year earlier, the company said in a statement. Net operating income rose to $9.55 million from $7.6 million, lifting its trading profit by 23 percent to $5.4 million.

The results include $19.8 million to write down its quake-damaged properties and a further $2.3 million on the value of the rest of its portfolio.

The company has been receiving payments under business interruption insurance to cover lost rentals at the Eastgate Shopping Centre, which sustained major damage, and Natcoll House, which is in Christchurch’s red zone.

Insurance proceeds in the first half were $5.1 million and NPT is awaiting settlement of material damage claims at the two properties.

NPT said it has received advice that the Natcoll building probably isn’t repairable and it will probably be a contingent asset as at Sept. 30 this year.

The company’s portfolio was revalued at $162.2 million at Sept. 30, down from $168 million at March 31.

NPT will pay a first-half dividend of 0.75 cent a share. The stock was unchanged at 48 cents today.

BusinessDesk.co.nz

Comments from our readers

On 8 November 2011 at 10:00 am Ivan said:

At the rate NPT is selling it's property, there won't be anything left soon.