{"id":114940,"date":"2021-05-23T23:20:29","date_gmt":"2021-05-23T23:20:29","guid":{"rendered":"https:\/\/fin2me.com\/?p=114940"},"modified":"2021-05-23T23:20:29","modified_gmt":"2021-05-23T23:20:29","slug":"revaluations-push-kiwi-property-group-result-up-205-last-years-net-loss-now-profit","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/revaluations-push-kiwi-property-group-result-up-205-last-years-net-loss-now-profit\/","title":{"rendered":"Revaluations push Kiwi Property Group result up 205%, last year’s net loss now profit"},"content":{"rendered":"

Big property revaluation boosts were responsible for one of New Zealand’s biggest NZX listed landlords enjoying 205 per cent bottom-line boost and last year’s net loss becoming a profit.<\/p>\n

Last year, Kiwi Property Group suffered<\/span> a $289.9m reduction in its property values but this year, that became a $99.8m gain. So net profit after turned around hugely from last year’s $186.7m loss to a $196.5m profit in the year to March 31, 2021.<\/span><\/p>\n

But revenue fell slightly for one of the largest listed companies on the NZX: Kiwi made $241.4m revenue last year but $232.5m this year<\/p>\n

Kiwi’s office assets had a 10.2 per cent fair value gain, while mixed-use was up 1.5 per cent. The company’s property portfolio was valued at $3.3b.<\/p>\n

<\/p>\n

Despite the growth in net profit, the result was adversely impacted by Covid-19. The cost of asset lockdowns and the associated rent relief measures contributed to a 7.1 per cent reduction in net rental income, which decreased to $173.6mfor the year.<\/p>\n

Operating profit before tax fell 10.3 per cent to $116.3m.<\/p>\n

Clive Mackenzie, chief executive, said: “Like many businesses, Kiwi Property was affected by Covid-19 in the 2021 financial year, with the cost of supporting our tenants, following early lockdowns in particular, causing a drag on operating profit. Despite this, we ended the year in a robust position, with leasing projections and rental abatements tracking better than forecast.”<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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