KEY POINTS:
Property and investment company St Laurence Property & Finance (SLPF) has announced a net after-tax profit of $32.9 million for the March year.
The result, a slight increase on last year's $31.1 million surplus, includes unrealised revaluation gains of $26.7 million. Over the year, SLPF's investment property portfolio grew from $244.5 million to $306 million through acquisition and valuation growth.
Total assets increased from $381 million to $432.8 million. About $47.9 million of the increase was derived from SLPF's recent successful takeover offer for parcels in the St John Balanced Property Fund, of which SLPF now holds a 58.6 per cent stake.
SLPF chairman Kevin Podmore said last year's result included several one-off items which boosted revenue and profit.
"This is a positive result and further consolidates our view that our investors are confident in our strategy and direction," he said.
Podmore said the commercial property sector was very healthy and there was strong investment demand, both locally and internationally.
- NZPA
