Big inner city office landlord Precinct Properties has posted a $30.2 million profit, six times smaller than last year’s after a slash to the value of its development properties. The company’s $30m net profit after tax for the year to June 30, 2020 is way down on last year’s $190.2m after $66.3m was sliced from the value of its development properties while the previous year its profit was boosted by property revaluations of $161.7m “The impacts of Covid-19 on valuations contributed to total comprehensive income after tax reducing to $35.1m, offsetting a strong operating result,” Precinct chief executive Scott Pritchard said. “This result compared with $190.4m in the previous period.” The difference was mainly attributable to a strong 2019 financial year revaluation (of $161.7m) and a devaluation for this period of certain development assets within the portfolio, he said. READ MORE: *Precinct Properties’ occupancy rate forecast to fall 4 per cent, research report says *Skyscraper PwC Tower opens in Auckland after eight years of planning and construction *Businesses struggling at new Commercial Bay shopping precinct *Precinct Properties’ profit boosted by Fletcher Construction damages payments Precinct opened the $1 billion Commercial Bay office and retail development in mid June in downtown… Read full this story
- Covid-19: NI businesses to get £50m rates support package
- Sansiri to launch 28 low-rise properties in 2022, bolstering ‘affordable’ housing in Thailand
- Property-buying consumer survey released
- Our Month In Bermuda, 5 Under 30s Who Raised $100 Million & Reimagining Movie Theaters
- Supply of high-value properties rise as big families look to sell jointly-owned homes
- Self-reliant female celebrities who built their fortunes and own their properties
- Warren Buffett's Berkshire Hathaway posts nearly $40 billion profit
- Going Strong: IHG’s Avid Hotel Brand Reaches Milestone With 50th Property Opening
- Decisions that affected the world: How millions of lives might have been saved from Covid
- Govt Slashing Covid Vax Budget Could Mean People Buying Booster Dose on Their Own, Say Experts
Covid-19 slashes the value of Precinct Properties development properties and profit to $30.2m have 304 words, post on www.stuff.co.nz at August 12, 2020. This is cached page on NGHONG. If you want remove this page, please contact us.