Tale of two cities for Precinct as Auckland rentals rise, Wellington lags

Tue, 18 Feb 2014

By Suze Metherell Feb. 18 (BusinessDesk) – Precinct Properties New Zealand, formerly known as AMP NZ Office, boosted half-year profit by 67 percent as rising returns from Auckland office towers made up for stalled growth in Wellington. Net profit was $39.5 million in the six months ended Dec. 31, up from $23.6 million for the same period a year earlier, the Auckland-based company said in a statement. Gross rental income rose about 20 percent to $82.6 million. Net property income in Auckland surged almost 19 percent to $18.2 million in the f...

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