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Property developer Apple Fields reported a net profit of $1.464 million in the 12 months ending September 30, up from $393,000 in the previous corresponding period. Operating sales almost tripled to $2.725 million from $$1.442 million a year earlier. Shareholders funds were $3.571 million, up from $1.011 million.
"This year's profit reflects the increases in value attaching to the rezoning of Noble Gardens and the capitalisation of costs in that and the Kingfisher Point developments," the company said in a statement to the New Zealand stock exchange.
Shares in Apple Fields last traded at 8 cents. The Christchurch-based company, which has been listed since 1986, has a market capitalisation of $6.458 million.
