Kiwi Property annual underlying profit down but above guidance

Mon, 24 May 2021

Kiwi Property Group's annual net result turned to a profit from a loss the previous year because of upward unrealised property revaluations after write-downs the previous year, but the underlying result was a profit fall.Rents and property management income in the year ended March 31 were down 3.9% to $234 million, earnings before interest and tax were down 8.7% at $152m and adjusted funds from operations (affo), a key metric for investors, were down 12.5% to $89.4m.Nevertheless, Kiwi beat its own guidance.Per-share affo came in at 5.69 cen...

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