Kiwi trust rises

Photo / NZ Herald

Kiwi Income Property Trust reported a 10.4 per cent rise in half-year distributable profit to $33 million, largely as a result of a fall in tax expense of $3.4 million.

Gross rental income, before non-cash rental income adjustments, in the six months to the end of September was $94 million, up from $92.9 million a year earlier.

Property operating expenditure was barely changed at $25.8 million while net operating income was up $1 million to $68.2 million.

A cash distribution of 3.5c per unit is being made, down from 3.75c a year earlier.