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Argosy Property reported a half-year net property income of NZD 61.2 million, reflecting stable performance across its industrial, office and retail assets for the period ending in late September. The company recently highlighted steady occupancy levels, continued progress on its green building strategy and a consistent focus on its long-term development pipeline. In the previous full financial year, Argosy had posted net property income of NZD 116.9 million and a net profit after tax of NZD 125.9 million, showing a recovery from the earlier year's loss.
Argosy Property has released its half-year update, reporting net property income of NZD 61.2 million for the six-month period ending in late September. The result reflects contributions from its industrial, office and large-format retail assets across New Zealand. The company continues to operate with a broad mix of properties, and this steady half-year income adds to its recent track record of stable operational performance. Advertisement
In the full year that ended in late March, Argosy reported net property income of NZD 116.9 million, a slight increase from the previous year. Net profit after tax for that same period stood at NZD 125.9 million, marking a clear turnaround from the loss recorded a year earlier. The company also maintained an occupancy rate of 96.5 percent and held a weighted average lease term of 5.1 years at the close of the financial year.
Argosy has emphasised its ongoing strategy of increasing its industrial portfolio share and expanding its certified green buildings. The company continues to work toward its target of having 50 percent of its assets classified as ?green? by 2031. Its development pipeline includes projects such as the multi-stage industrial site on Neilson Street in Auckland and ongoing work at Mt Richmond Drive, which are part of its longer-term growth approach.
The company also noted that its interest expenses in the previous full year had reduced because of lower debt levels, reduced interest rate costs and higher capitalisation of interest. Gross distributable income rose 4.7 percent to NZD 64.1 million, while net distributable income held steady at NZD 55.8 million, partly due to changes in tax treatment for building depreciation.
These combined factors provide context to the half-year results and indicate that Argosy continues to focus on maintaining stable cash flow, improving asset efficiency and advancing its development and sustainability plans.
Source Reuters
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