By Campbell McIlroy
Friday 26th May 2000 |
Text too small? |
The company's operating surplus after tax for the year to March 31 of $13.1 million was 16% ahead of forecast.
The improved result was mainly attributable to the acquisition of Shortland Properties in December last year.
Despite the good result the company had its portfolio revalued down by 4.9% to $380 million.
Chief executive Nick Wevers said the valuation, by an independent valuer, was still only a small percentage change but reflected the recent increases in interest rates and marginally higher yields on all property investments.
From an operational point of view the result was pleasing, especially considering the difficult market for listed property companies.
The company signed lease for a total of 27,100sq m over the last 12 months, representing 12.5% of the portfolio, taking the company's occupancy rate to approximately 95.5%.
The final dividend for the year to March 31 was 2.2425c a share with imputation credits of 0.6245c a share. This takes the total dividends for the year to 8.97c a share with imputation credits totalling 2.58c a share.
The gross annual yield for the 50c partly paid shares was 23.1%.
Payment on the second instalment is due on June 30. Instalment receipts bought at the time of the float cost an additional 50c a share, and those bought subsequently cost 57c a share.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes