Precinct trebles after tax income on $148.5m valuation gain

Scott Pritchard, Precinct Properties chief executive.

Thu, 25 Feb 2021

Precinct Properties has tripled net profit after tax to $167.9 million for the half-year to December 2020 from a comparable $53.6m the prior year, on the strength of portfolio revaluation gains of $148.5m.The listed city centre property specialist, owner of the Commercial Bay office and retail precinct in Auckland, pushed up operating income by 15.7%, from $54m to $62.5m year-on-year as Commercial Bay and No.1 The Terrace came on stream, contributing a combined $15m.The revaluation gain was weighted towards the Wellington portfolio, up 7.7% com...

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