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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

by Philip Macalister

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The New Zealand Rural Property Trust virtually doubled its after-tax profit to $6.44 million for the June year compared with $3.26 million for the previous year.

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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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
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CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
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Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
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Heartland Bank - Reverse Mortgage - - - -
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ICBC 7.49 5.99 5.65 5.59
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Kainga Ora - First Home Buyer Special - - - -
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Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
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SBS FirstHome Combo 5.44 5.15 - -
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SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
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Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
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Westpac Special - 6.29 5.79 5.79
Median 7.99 6.10 6.09 5.69

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