Kiwi Property Group first half profit edges up as asset sales trim interest bill

Sun, 18 Nov 2018

By Paul McBeth Nov. 19 (BusinessDesk) - Kiwi Property Group lifted its first-half profit 0.9 percent as the real estate investor's smaller bank debt carried a lower interest cost. Net profit increased to $48.3 million in the six months ended Sept. 30 from $47.9 million a year earlier, due to an 18 percent decline in interest costs to $18.4 million. A smaller tax bill of $10.9 million compared to $13.8 million a year earlier also helped the bottom line. The listed real estate investor sold North City Plaza in Porirua and the Majestic...

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