3 Aug 2010

Office property investor boosts underlying profit

8:34 pm on 3 August 2010

AMP New Zealand Office Trust has boosted its underlying profit by 2.5% as it increased rents and reduced costs.

The listed property investor, which owns 15 office buildings worth $1.3 billion, says distributable profit rose to $60.7 million in the year to the end of June.

Once revaluations are included, it made a loss of $152 million, smaller than last year's $193 million loss.

The trust's acting chief executive, Amish Vallabh, says it is a solid-full year performance given the challenging market conditions.

Mr Vallabh says the Wellington rental market remains robust, but Auckland is proving more challenging.

Shares in AMP New Zealand Office Trust were unchanged at 71 cents on Tuesday.