31 May 2013

Property firm NPT records large lift in profit

7:28 am on 31 May 2013

Listed property company NPT has recorded a net profit after tax of $33 million for the year to the end of March - up from about $2.3 million for the year before.

It says the considerable profit is largely due to a rise in portfolio valuation and the proceeds of the insurance claim and sale of its quake-damaged central Christchurch property.

NPT says it settled its material damage claim for $29 million and sold the property to the Crown for about $4.2 million.