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Profit hike but no dividend at Trans Tasman Properties

By Phil Boeyen, ShareChat Business News Editor

Tuesday 22nd August 2000

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Trans Tasman Properties' shareholders won't be receiving a half-year dividend despite the company announcing a near 50% hike in tax paid profits.

The property company has recorded a surplus of $10.594 for the six months to the end of June, up from $7.158 million in the same period last year.

Trans Tasman directors say they will wait until after the full year's result is known before making a decision on distributions.

Total revenue for the six months stood at $50.2 million, slightly lower than last year's $52.2 million. The operating surplus was the same as last year at $20.4 million.

Most of the revenue came from the group's core investment portfolio.

Trans Tasman also owns a 46.8% stake in Australian Growth Properties, and its minority interests in AGP's surplus came in at $3.6 million, down from $6.0 million in 1999.

Executive chairman, Don Fletcher, says the improved net surplus is very pleasing given the current economic environment. He says achievements this period have helped strengthen the company's balance sheet and cash flows, and provide increased opportunities to enhance the value of the company in the future

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