PCT announces full year profit of $162.1 million
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for the 12 months ended 30 June 2017 today, with net profit after tax up 17.3% to $162.1 million (2016: $138.2 million). A strong revaluation gain, reduced interest and tax charges and an unrealised gain on financial derivatives have all contributed to the increase in net profit after tax this year. Net operating income (distributable earnings) which adjusts for a number of non-cash items has increased from $72.8 million to $74.7 million over the period. On a cents per share basis, this was in line with guidance and up 2.7% to 6.17 cps (2016: 6.01 cps).
Net property income reduced to $90.4 million (2016: $104.5 million). Adjusting for developments and seismic repair costs, like for like net property income rose by 0.7% with Auckland increasing by 1% and Wellington flat.
As at 30 June 2017 Precinct’s portfolio value increased to $2.04 billion (2016: $1.70 billion). This increase was due to the valuation gain and the significant development spend in the period. Precinct’s net tangible assets per share at balance date increased 6% to $1.24.
Scott Pritchard, Precinct’s CEO, said “We achieved strong progress across all our activities last year. We successfully completed our Wynyard Quarter Stage One development, commenced works at Bowen Campus and achieved good progress at Commercial Bay. We saw continued gains from executing on a strategy of specialising in our city centres.”
Read the full announcement here