18 Feb 2014

Big jump in Precinct net rofit

7:09 pm on 18 February 2014

Precinct Properties has lifted first-half net profit 67 percent, reflecting improved occupancy of its Auckland buildings, recent acquisitions and one-off gains.

The office building owner and manager also says it's in exclusive negotiations with Waterfront Auckland to become its development partner for commercial office property within the Wynyard Quarter.

Precinct's net profit for the six months ended December rose to $39.5 million from $23.6 million in the same period a year earlier.

Chief executive Scott Pritchard says the Auckland market has been particularly strong for his company.

Precinct has lifted its first-half dividend to 2.7 cents per share from 2.56 cents previously.

In Tuesday trading, Precinct Property's shares fell 1.5 cents to $1.015.