DNZ posts 66% gain in annual profit as it divests properties, reduces costs

Wed, 20 May 2015

By Tina Morrison May 21 (BusinessDesk) - DNZ Property Fund, the sixth-biggest property stock on the NZX 50 Index by market capitalisation, posted a 66 percent gain in annual profit as it benefited from its property divestment plan, selling five properties and boosting the value of its remaining assets, and costs fell. Net profit rose to $68.8 million, or 23.14 cents per share, in the 12 months ended March 31, from $41.6 million, or 14.47 cps, in the year earlier period, the Auckland-based company said in a statement. Net rental income was...

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