Stride Property posts 31% rise in first-half profit on lift in property values

Wed, 11 Nov 2015

By Tina Morrison Nov. 12 (BusinessDesk) - Stride Property, previously known as DNZ Property Fund, posted a 31 percent increase in first-half profit, reflecting a restructuring of its portfolio that led to a drop in rental income but a hike in the value of its properties. Profit rose to $34.1 million or 11.48 cents per share in the six months ended Sept. 30, from $26 million or 8.74 cents in the year earlier period, the Auckland-based company said in a statement. The latest profit includes an $18.3 million gain on the value of its properti...

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