Revaluations give big profit boost to St Laurence P&F

Wellington-based real estate specialist St Laurence Property & Finance made $18 million in profit for the March year, up from last year's $3.8 million.

But the increase was partly driven by the $13.6 million of unrealised gains from property revaluations.

St Laurence P&F chief executive John Mallon said the strong property market had resulted in a continued improvement in the group's real estate holdings.

Operating revenue rose from $15.5 million to $35.7 million and equity was up from $56.6 million to $74.5 million.

Assets rose from $233 million to $275.7 million.

Since the March balance date, St Laurence P&F has bought a retail property on Great South Rd in Manukau for $13.8 millon. Mallon said it wanted more property.

St Laurence P&F's most valuable property is an office block at 450 Queen St, valued at $17 million, followed by a Repco building in Mt Wellington ($16.6 million) and the Quay Park Medical Centre near the waterfront ($14.9 million).

Last month, St Laurence P&F extended the closing date of its $50 million bond offer to June 29 from May 20, because of competing offers.

The five-year bonds are now expected to be listed for quotation on the NZDX (New Zealand Exchange debt market) on July 4.