Kiwi Income first-half pretax earnings fall 16 percent on drop in rental income

Tue, 13 Nov 2012

Nov. 14 (BusinessDesk) - Kiwi Income Property Trust, owner of Auckland’s Sylvia Park Shopping Centre, reported a 16 percent decline in pretax operating earnings in the first half as rental income fell, interest costs rose and it paid a performance fee to its manager. Operating earnings fell to $34.7 million in the six months ended Sept. 30, from $41.2 million a year earlier. Net rental income declined to $68 million from $72 million. Net profit in the period was $26.6 million from $1.5 million a year earlier, when it took charges for property...

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