NPT first-half operating earnings rise 14% on increased rental base

NPT, the listed property investor, reported a 14 percent increase in first-half operating profit as rental income was swelled by new properties including Auckland shopping precinct The Roskill Centre.

Operating earnings before one-time items rose to $3.1 million in the six months ended Sept. 31, from $2.7 million a year earlier, the Auckland-based company said in a statement. Gross rental income rose 13 percent to $8.2 million. Net profit dropped 42 percent to $2.6 million, reflecting a property valuation gain in the year-earlier period that wasn't repeated.

The retail, commercial and industrial property investor's portfolio was valued at $157 million as at Sept. 30, from $121 million a year earlier. The increase reflected the addition of the Roskill Centre and the purchase of properties adjacent to the Eastgate Shopping Centre, it said.

NPT will pay a second-quarter dividend of 0.8 cents a share.