NZRPT doubles profit
A strong rural sector, and a performance improvement hasn't helped the price of NZRPT units.
Wednesday, August 30th 2000, 12:00AM
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The trust says that it would pay a 1.77c a share dividend to unit-holders. It made a $6.97 million capital repayment to unit-holders during the year.
NZRPT chief executive Tim Ryan says the profit reflected strong international commodity prices, a weaker NZ dollar and favourable climatic conditions, all of which contributed to an improvement in rural property values.
The strong performance has led to a substantial increase in the net asset value per unit to $1.53, compared with $1.38 a year earlier.
Despite the strong rural sector, and an improvement in the trust's performance its units are trading at a 50% discount. The last trade on the secondary market was done at 75c.
Ryan says a big factor behind the strong result was the decision of unit-holders to change the structure of the trust to a closed-end trust last October.
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