Property investor and developer Kiwi Property says its first half net profit is up more than 51 percent, driven by solid rental income and lower borrowing costs.
Investing in Auckland retail assets is paying off for Kiwi Property Photo: RNZ / Diego Opatowski
The company said net profit rose to $36 million in the six months ended in September, and it had raised its dividend to 4.08 cents a share from 3.51 last year.
Rental income was down slightly to $76.3 million, compared with $77.0 million in the prior period.
Kiwi Property chief executive Chris Gudgeon said the stable income performance was maintained despite several properties undergoing development, which resulted in a temporary loss of income.
However, he said it was an excellent result.
"In line with strategy, we have successfully progressed investments in attractive Auckland retail assets and core government office accommodation in Wellington."
