Argosy profit drops 25% after returning to tax paying position, rental income rises

Wed, 27 May 2015

By Suze Metherell May 28 (BusinessDesk) - Argosy Property reported a 25 percent drop in annual profit, while its rental income rose, as the listed property investor returned to a tax paying position for the first time in four years and paid more interest. Profit for the year fell to $64.4 million in the year ended March 31, from $85.6 million a year earlier, the Auckland-based company said in a statement. Distributable income, the preferred measure for property investors as it strips out unrealised movements in fair value, fell to $48 mi...

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