Precinct first-half operating income falls 1.5 percent as costs rise

Mon, 18 Feb 2013

Feb. 19 (BusinessDesk) - Precinct Properties New Zealand, formerly known as AMP NZ Office, posted a 1.5 percent decline in first-half net operating income as costs rose and occupancy fell. It lifted its first-half dividend for the first time since 2008. Operating profit, which excludes some non-cash items and is used as the basis of dividend policy, was $26.2 million in the six months ended Dec. 31 from $26.6 million a year earlier, the Auckland-based company said in a statement. Gross rental income rose 6.8 percent to $68.9 million. Net prof...

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