Kiwi Property Group pushes up first-half profit 47 per cent
Kiwi Property Group pushed up net profit after tax by 47 per cent to make $54.2 million in the six months to September 30.
The giant landlord which a few weeks ago opened 57 new stores at New Zealand's largest shopping centre at Sylvia park, will pay investors a 2.2cps interim dividend. Operating profit fell 8.4 per cent to $55.2m but the property portfolio enjoyed a valuation gain of $11.8m.
"While operating profit fell for the period, it's important to consider the result within the context of the lockdowns that took place in the first half. Looking ahead, we're focused on delivering a solid performance through the remainder of the 2021 financial year, capitalising on our diversified property portfolio and the successful opening of Sylvia Park Level 1," he said.