Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) reported its financial results for the 12 months ended 30 June 2018 today, with net profit after tax (NPAT) up 57.2% to $254.9 million (2017: $162.1 million). The quality of Precinct’s portfolio including its active development pipeline has resulted in a significant portfolio revaluation gain of $208.7 million or 9.0% for the period. This has contributed to our increase in NPAT this year.
Net operating income (distributable earnings) which adjusts for a number of non-cash items has also increased by 2.5% to $76.6 million over the period (2017: $74.7 million). On a cents per share (cps) basis, this equates to 6.32 cps and was in line with guidance (2017: 6.17 cps).