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Argosy lifts annual earnings

NZN 25/05/2016 Paul McBeth

Listed property investor Argosy Property has lifted distributable earnings 5 per cent as a shift in the company's portfolio helped lift rental income.

Distributable profit, the preferred measure for property investors, rose to $50.4 million in the year to the end of March from $48m a year earlier, it said.

Net property income gained 8.2 per cent to $98.4m as the Argosy's occupancy rate increased to 99.4 per cent.

"Favourable market conditions have continued and low interest rates and solid economic growth are expected to remain for the foreseeable future," Argosy said.

"The company remains in a great position to enable us to make the most of these economic conditions."

Argosy has been diversifying its portfolio outside Auckland, buying industrial properties rather than malls and retail investments.

Its investment property portfolio was valued at $1.37 billion up from $1.31 billion a year earlier, and was made up of 39 industrial properties, 17 office buildings, and 10 retail sites.

Net profit rose 15 per cent to $78.9m, including a $42.2m revaluation gain.

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