DNZ Property posts 8.7 percent rise in 1H earnings, expects dividends to hold for FY14, FY15

Tue, 12 Nov 2013

By Tina Morrison Nov. 13 (BusinessDesk) – DNZ Property Fund, the worst performing property company on the New Zealand stock exchange in the past six months, said earnings rose 8.7 percent in its first half and it expects dividends won’t fall below current levels for the next two years even as it ramps up investment. Distributable profit, which strips out unrealised movements in the value of the property portfolio, rose to $13.8 million in the six months ended Sept. 30, from $12.7 million a year earlier, the Auckland-based diversified property...

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