Strong revenue growth drives PCT interim results
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for the six months ended 31 December 2017 today, with net operating income, which adjusts for a number of non-cash items, of $38.2 million or 3.15 cents per share (cps), consistent with the previous comparable period (2017: $38.8 million or 3.20 cps). Net profit after tax (NPAT) of $17.7 million compares with $39.1 million for the same period last year, with the difference mainly attributable to the fair value movement of 10 Brandon Street in Wellington and movement in financial instruments this period.
Scott Pritchard, Precinct’s CEO, said “It has been an active six-month period. We have continued to focus on our long-term strategy as city centre specialists and have achieved strong rental growth across our investment portfolio”.
“We have advanced our developments with construction progressed at Commercial Bay in Auckland and Bowen Campus in Wellington. Bowen Campus continues to track well with the project benefitting from further office leasing while remaining on budget and on programme.
Commercial Bay has also progressed with retail leasing advancing to 60% and office pre-leasing maintained at 66%. Enquiry levels for both retail and office remain elevated and the company is buoyed by the interest from potential occupiers in this development.
The recent completion of Wynyard Quarter Stage One and high occupancy levels across our portfolio have both contributed positively to our increased revenues, with our Wellington corporate assets achieving particularly strong growth during the period.
Read the full announcement here