St Laurence posts 72 per cent profit lift

Property investor St Laurence Property and Finance Ltd today reported a 72 per cent rise in full year profit.

The company reported a net after tax profit of $31.1 million for the 12 months to March 31, compared with $18.1 million a year earlier.

The result was boosted by a one-off gain of around $12m from the sale of St Laurence's investment in Elrond Group in December last year.

It was based on total operating revenue of $48.4m compared with $35.7m in the same period a year ago.

St Laurence Property and Finance is a wholly owned subsidiary of St Laurence Holdings Ltd.

It owns, or is a major shareholder, in properties worth $160m, mainly in Auckland and Wellington.

St Laurence raises funds for its investments through bonds traded on the stock exchange's debt market, NZDX.

In the past it relied on funding direct from the public or through financial planners.

- NZPA