KEY POINTS:
A solid performance in its core property portfolio has seen ING Property Trust's interim net profit rise 32 per cent.
The trust made a net profit of $18.9 million for the six months to September, on revenue of $36.1m, up 12 per cent.
Pre-tax profit was $23.9m, a 9 per cent increase on the previous half .
The trust announced an interim dividend of 2.37c per share, and estimated the full year gross dividend to March will be at least 9.85c per unit, a 3.5 per cent increase on the previous year on a normalised basis, unless conditions change.
At September 30, the trust's portfolio was worth $1.1 billion, up $49.6m from six months before.
ING Property said it was continuing to review its portfolio for assets which could be sold. During the half it sold three properties for a net gain of $2.2m over acquisition cost.
The trust said that to date, its on-market buyback has acquired 20 million units for $23.7m at an average unit price of $1.18. It was seeking up to 54.2 million units, 10 per cent of the units on issue.
Shares in ING Property Trust were unchanged early this afternoon at $1.13, in a year when the shares ranged between $1.36 and $1.08.
- NZPA
