NPT announces growth
This is an increase of 14.2 per cent compared with the same period in 2013.
Gross rental income was $8.2 million, up from $7.2 million in September 2013.
“The increased trading profit reflects a full six months rental income from The Roskill Centre, as well as management’s focus on reducing administration expenses,” Kerry Hitchcock, NPT MD, said.
Net profit after tax to September 30, 2014 was $2.6 million, compared with $4.5 million in the previous period, with the reduction attributed mainly to a smaller unrealised uplift in the fair value of the company’s property portfolio.
The company’s property portfolio grew to $156.7 million in September 2014, and increase of 30 per cent compared with $120.6 million in September 2013.
The addition of The Roskill Centre, and the purchase of properties adjacent to the Eastgate Shopping Centre were reflected in this increase.
NPT are also to make substantial capital investment in redeveloping Eastgate over several years, with the first phase of the plan underway with new long lease agreements with The Warehouse and Warehouse Stationery.
Hitchcock said that the company is actively working on a number of fronts towards the revitalisation of Eastgate, transitioning it from a shopping centre to a town centre with even more of a focal point for East Christchurch communities.