Kiwi Property annual profit falls 43% as portfolio value appreciation slows

Sun, 21 May 2017

By Paul McBeth May 22 (BusinessDesk) - Kiwi Property Group posted a 43 percent fall in annual profit as the value of its property portfolio rose at a slower pace than a year earlier, and it expects more moderation in the broader real estate market. Net profit fell to $143 million, or 11.1 cents per share, in the 12 months ended March 31, from $250.8 million, or 20.2 cents, a year earlier, the Auckland-based company said in a statement. The difference was largely due to a $41 million increase in the fair value of Kiwi Property's portfolio...

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