Listed property investor NPT says writedowns of earthquake-damaged properties have have resulted in a loss in the six months to the end of September.
NPT suffered a loss of $9.8 million dollars in the period, an improvement however on the loss of $13 million recorded in the six months to September 2010.
NPT's acting chief executive Kerry Hitchcock says the latest loss is largely due to unrealised write-downs of the company's portfolio, particularly its Eastgate Shopping Centre in eastern Christchurch, and Natcoll House in the city's redzone.
When one-off adjustments are stripped out, underlying profit rose 23% to $5.4 million. and Mr Hitchcock says the company is well positioned for growth.
He says NPT is identifying good cost savings and was gaining efficiencies through corporatisation.
Once the Christchurch issues were dealt with, and some of those investments were realised in cash, Mr Hitchock said he was optimistic about growth opportunities to be had in some new markets.
