NPT annual profit falls 63%; new board reviewing business plan

Tue, 30 May 2017

By Tina Morrison May 31 (BusinessDesk) - NPT, the listed property investor, posted a 63 percent drop in annual profit after some of its properties reduced in value and it faced extra costs from a proposed deal with Kiwi Property Group that didn't proceed. Net profit fell to $3.1 million, or 1.9 cents per share, in the 12 months ended March 31, from $8.4 million, or 5.19 cents, a year earlier, the Auckland-based company said in a statement. The earnings included a $1.7 million reduction in the company's property portfolio, compared with a...

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