NPT turns to profit in 2013 on insurance payouts, property valuation gains

Thu, 30 May 2013

By Tina Morrison May 30 (BusinessDesk) – NPT, the listed property investor, turned to a profit in 2013 after it gained from payouts on an earthquake damaged Christchurch building and the overall value of its properties rose. The Auckland-based retail, commercial and industrial property investor reported profit of $33 million in the year ended March 31, from a loss of $2.3 million a year earlier. The value of NPT’s investment properties rose by $11.3 million to $116.3 million after benefiting from new lease agreements. That is a turnaround f...

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