Goodman Property 1H profit drops as decline in financial assets offsets rising rents

Tue, 11 Nov 2014

By Suze Metherell Nov. 12 (BusinessDesk) - Goodman Property Trust, New Zealand's largest listed property investor by market capitalisation, reported an 8 percent drop in first-half profit as a decrease in the value of its interest rate swaps offset a lift in rental income. Profit fell to $60.2 million in the six months ended Sept. 30, from $65.4 million in the same period a year earlier, the Auckland-based investor said in a statement. Sales rose 3.5 percent in the period to $82 million, while net rental and related income grew 4.9 percen...

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