Precinct Properties profits up, Commercial Bay on track

Thu, 20 Feb 2020

Precinct Properties more than doubled its first-half earnings as it booked a $50 million claim against Fletcher Building for delays at Auckland’s Commercial Bay development. The commercial office specialist said its liquidated damages claim against main contractor Fletcher is virtually certain. That, along with big leasing deals, helped bolster total comprehensive income after tax by 110 percent to $53.6 million for the six months to Dec. 31.Net operating income in the period rose to $60.5 million, from $37.7 million a year earlier. Per-sh...

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