Precinct Properties lifts 1H profit as it reorients to Auckland

Tue, 16 Feb 2016

By Sophie Boot Feb. 17 (BusinessDesk) - Precinct Properties New Zealand, the listed commercial property investor, lifted profit 10 percent, having cut interest costs after paying off debt by selling assets, though that pushed revenue lower. Net profit rose to $34.8 million, or 2.87 cents per share, in the six months ended Dec. 31, from $31.6 million, or 2.98 cents, a year earlier, the Auckland-based company said in a statement. Profit before tax increased to $44.2 million from $35 million, as the interest expense dropped to $6.2 million f...

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