Argosy first-half profit drops 58% on unchanged portfolio valuation, dip in rentals

Mon, 20 Nov 2017

By Paul McBeth Nov. 21 (BusinessDesk) - Argosy Property posted a 58 percent decline in first-half profit as the firm became the latest listed property investor to report a little-changed portfolio valuation after several years of gains, and was faced with smaller rental income. Net profit fell to $23.4 million, or 2.84 cents per share, in the six months ended Sept. 30 from $56.2 million, or 6.9 cents, a year earlier, the Auckland-based company said in a statement. The year-earlier period was boosted by a $35.8 million unrealised gain in...

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