Hedging losses drag Kiwi Property first-half net profit down 23.8%

By Jenny Ruth | Mon, 18 Nov 2019


Kiwi Property Group's first-half net profit fell 23.8 percent as the value of its hedging dropped amid falling interest rates. Net profit for the six months ended September fell to $36.8 million from $48.3 million a year earlier, with funds from operations falling to $51.9 million from $52.3 million. Net rental income fell slightly to $89.6 million, reflecting the sale of North City in Porirua in April 2018, with like-for-like growth of 2.1 percent. The like-for-like figure also excludes the impact of the new 60-store Sylvia Park galle...