Kiwi’s portfolio performs despite slashing of valuation

Kiwi’s portfolio performs despite slashing of valuation
CEO Clive Mackenzie said Kiwi will take a pragmatic approach to development. (Image: Supplied)
Jenny Ruth
An unrealised decrease of $213.3 million in Kiwi Property’s portfolio sent its first-half results into the red, even though the portfolio’s actual performance was positive.Kiwi posted a $151.1m net loss for the six months ended September, compared with a $143.2m net profit in the same six months a year earlier. In the previous first half, unrealised property gains boosted the bottom line by $93.6m.Net rental income rose 6.3% to $100m while adjusted funds from operations were up 35.8% to $65.2m – the latter was boosted by the r...

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