Colonial First Property Trust 9-mth profit down slightly

The trust will pay a third interim dividend for the year ending March of 2.63c per unit, including 0.3c per unit tax credits, on March 21.

Net tangible assets per unit increased to 99.83c per unit by December 31, from 99.29c per unit at the end of March 2002.

During the third quarter the trust sold one Christchurch asset at book value of $4.7 million, reducing debt to 37 percent of gross assets.

Colonial has a mixed portfolio comprising commercial, retail and industrial properties.

Ninety-nine percent of Colonial's portfolio was occupied, "reflecting management's active approach to leasing over the past quarter", the trust said.

"This success has been supported by a strongly performing New Zealand economy and the solid fundamentals currently existing across the property sector."

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