19 Nov 2014

Argosy half-year profit rises 25 percent

2:13 pm on 19 November 2014

Argosy Property's first-half net profit profit rose almost 25 percent as both occupancy and net rental income increased.

The commercial property fund's net profit in the six months ended September rose to $37.6 million.

Rental income rose more than 8.5 percent to $43.8 million from the same six months last year, with an occupancy rate of just above 99 percent.

The company's interest bill fell $300,000 to $12.6 million and its loans were restructured on favourable terms.

Chief executive Peter Mence said the company was on track to pay shareholders a full year dividend of six cents per share.

"Yeah, we are very happy with the result.

"Moving into a tax-paying position, it has always been a target of ours to make sure the dividend was at-least maintained at the 6 cents," he said.

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