Kiwi Property lifts operating profit 8%, property values up $93.6m

Mon, 22 Nov 2021

Kiwi Property Group's first-half net profit nearly tripled as the value of its properties rose and its operating profit rose 8%.Net profit of $143.2 million for the six months ended September compared with $54.2m in the same six months last year while pre-tax operating profit rose to $62.5m from $55.2m, largely reflecting an 11.5% lift in rental income.Adjusted funds from operations, a key measure for investors, rose 31.6% to 3.06 cents per share, largely reflecting the covid-related rent relief measures the company provided tenants in the...

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