Kiwi Property lifts operating income amid improving trading conditions

Kiwi Property lifts operating income amid improving trading conditions
CEO Clive Mackenzie said the market is undervaluing Kiwi's portfolio. (Image: Kiwi Property)
Jenny Ruth
Kiwi Property Group lifted its annual net profit by 14.1% amid improved trading conditions and the rising value of its properties.Net profit for the year ended March rose to $224.3 million, from $196.5m the previous year.The latest result includes a $120.5m gain in the value of Kiwi's properties to $3.6 billion, compared with a $99.8m gain the previous year.Adjusted funds from operations (Affo), a key metric for investors, rose 12.3 cents per share, allowing Kiwi to pay 5.6cps in dividends, up 0.45c, or 8.7%, on the previous year.Chief exec...

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