31 May 2011

Revaluations after quake put trust further into red

3:52 pm on 31 May 2011

Revaluations have pushed NPT's books further into the red.

The trust, formerly known as the National Property Trust, lost $14.7 million in the year to March compared with $7.4 million a year earlier.

The loss is largely the result of revaluations of Natcoll House and the Eastgate Shopping Centre in Christchurch which were affected by February's earthquake.

Operating profit before one-offs and revaluations fell by more than 4% to $8.8 million as NPT sold properties.