DNZ Property posts 8.7% drop in annual profit on write downs

Wed, 21 May 2014

By Tina Morrison May. 22 (BusinessDesk) - DNZ Property Fund, the sixth-biggest property stock on the NZX 50 Index by market capitalisation, posted an 8.7 percent drop in annual profit after writing down the value of development work on its Johnsonville Retail shopping centre in Wellington and a new office building in Albany, Auckland. Net profit fell to $41.6 million, or 14.47 cents a share, in the year ended March 31, from $45.5 million, or 18.25 cents, a year earlier, the Auckland-based company said in a statement. Net rental income ros...

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