Kiwi Property profit up 47.5%

Mon, 23 Nov 2020

Rental returns are down but a valuation gain of $11.8 million on investment properties helped Kiwi Property to a 47.5 percent increase in first-half net profit to $54.2 million.The firm, one of the country's largest property holders with a portfolio valued at $3.2 billion, finalised the $277 million, 20,000 square-metre expansion at its Mt Wellington flagship $1 billion Sylvia Park development in mid-October.But it saw its rental income decline 5.3 percent to $84.9 million in the six months ended Sept. 30, reflecting the cost of rent relief...

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