Kiwi Income year profit $43.4 M

That compares with a $35.38 million profit a year earlier.

The company will pay a partly-imputed dividend of 4.53 cents on July 7.

Kiwi Income said its rights issue, which is pitched at 82 cents per unit, aimed to raise $69.4 million to expand the Northland Shopping Centre in Christchurch.

Units in Kiwi Income last traded down a cent at $1.01.

Today's result was buoyed by the trust's acquisition of the Royal & SunAlliance Centre, Kiwi Income chairman Jim Syme said.

"It's a pleasing result, in no small part due to the strong sales in the Trust's retail assets which were up by 9.4 percent overall," said Mr Syme.

"The agricultural sector boomed, boosting confidence in the provincial economy and ultimately confidence in the property and retail market overall in New Zealand.

"One year on from acquisition, the Trust's Royal & SunAlliance Centre also contributed well to the result. It was 95.1 percent leased at year-end, compared with 88.9 percent as at March 2001."

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