Scales’ total revenue came to $619.2 million, up 20 per cent on the previous year’s.
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Profit slump for Precinct
Precinct Properties New Zealand made only $600,000 profit in the latest half-year, well down on its $40.7m previous bottom-line profit a year ago.
The landlord which developed the $1b downtown Auckland Commercial Bay and its PwC Tower released its result today for the December 31, 2021 half-year.
Gross operating revenue rose from $96.9m to $110.2m. Devaluations were mainly responsible for the profit change.
“Total comprehensive income after tax of $0.6m compares to $40.7m for the same period last year, with the difference mainly attributable to the fair value movement across the value of Precinct’s properties of $53.6m recorded in the current period.”
Strong first-half leasing and rental growth drove property income to $66.6m, up 9 per cent on the previous $61.1m.
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Vital Healthcare makes after-tax loss
Vital Healthcare Property Trust, with $3.5 billion of Australasian properties, made an after-tax loss of $30.9m as revaluation gains turned to losses.
But revenue rose and so did the total value of assets owned by the business.
In the half-year to December 31, 2022, the trust recorded a $56m devaluations on its real estate compared to the previous $153m gains in the half-year to December 31, 2021.
That was the main reason last year’s interim $170m profit turned into the $30.9m loss.
Revenue rose from $60m to $74m and operating profit was also up from $27.8m to $35m. Assets rose from $3.4b to $3.5b.
But expenses rose too, from $8.7m to $11.6m.
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Kiwibank lifts profit
Strong lending growth has helped bolster the first half profits of Kiwibank but its chief executive is expecting a tougher second half ahead.
The Government-owned bank saw its half year net profit rise 53 per cent to $98 million for the six months to December.
Chief executive Steve Jurkovich said the strong first half reflected the resilience of the New Zealand economy but its second half would be dominated by the impact of higher interest rates, rising inflation and the recent extreme weather events.
“Banks have to be able to be resilient to significant shocks, tougher market cycles and conditions. We are ready to do that,” he said.
The bank’s net interest income rose from $416m to $628m while its interest expense was also up from $118m to $242m. It’s total operating income rose from $328m to $415m.
But operating expenses also rose from $232m to $263m.
Credit impairment losses also increased from $7m to $12m.
The bank’s home lending book grew by $600m during the first half while business lending was up $500m.
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Solid earnings for NZX
NZX Ltd says it maintained “solid earnings” through the churning seas of market cycles in its full financial year to December 31.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) came to $36.6m, a 2.3 per cent increase from the previous year and with the exclusion of acquisition costs.
Net profit after tax (NPAT) for the full financial year was $14.2 million, down from $15m in the previous year.
Board chair James Miller said the total value traded on NZX’s secondary markets fell 28.6% to $37.4 billion last year, thanks to softening equity markets.
However, the “diverse mix” of the NZX Group’s business and the offerings available to access capital, had highlighted its resilience through choppy market cycles.
That net profit included the increased amortisation costs from the continued investment in the NZX Wealth Technologies platform and the acquired ASB Superannuation Master Trust.
Total revenue was up 8.8 per cent to $95.7m, which chief executive Mark Peterson said reflected the “strength of its strategy and earnings base”.
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