19 Aug 2015

Profit rise at Precinct Properties

7:32 pm on 19 August 2015

Precinct Properties' profit has risen following revaluation gains and higher occupancy rates.

The office property landlord's profit rose 4 percent to just over $122 million in the year to the end of June, compared with the previous period.

Revenue jumped 3 percent to $170.5 million.

Its chief executive, Scott Pritchard, said revaluation gains totalled $65 million, mainly in its Auckland portfolio.

He said its rental growth jumped 4 percent overall, while its buildings were 98 percent tenanted.