Precinct boosts earnings, withholds $34m from Fletcher

Fri, 16 Aug 2019

By Victoria Young Aug. 16 (BusinessDesk) - Precinct Properties has now withheld $34 million from Fletcher Construction for delays on Auckland’s Commercial Bay project, and says the high-end development is on track for its two-2020 opening dates. The listed commercial developer and landlord updated the market today as it reported a 3.7 percent boost in operating earnings, having focused on higher-quality assets in city centres. Net operating income in the 12 months ended 30 June 2019 rose to $79.4 million from $76.7 million, or 6.37 c...

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