19 Nov 2012

Property company NPT lifts profit

7:48 pm on 19 November 2012

Listed property company NPT's half year profit has risen to $9 million from a loss of $10 million for the same period last year, helped by a revaluation of its properties.

The company says rental income has softened from $9 million to $5.6 million in the six months to September, but this is offset by lower operating costs and interest payments.

A highlight for the period was the rejunvenation of its flagship Eastgate Shopping Centre in Christchurch which suffered extensive earthquake damage.

NPT's chief executive Kerry Hitchcock says the result brings the company's operating profit back into line with current trading conditions.