Sharechat Logo

ING Medical operating profit rises 8.4% on higher rents

Wednesday 27th August 2008

Text too small?
ING Medical Properties Trust, the investment company that changed its name from Calan Healthcare, said operating profit rose 8.4% on increased rental income.

Operating earnings rose to NZ$12.1 million in the 12 months ended June 30, from NZ$11.1 million a year earlier, the company said in a statement. Gross rental income rose 12%, it said.

The property trust said its medical facilities in New Zealand and Melbourne, Australia, have provided a buffer to slowing economic growth and dwindling credit market liquidity. Its units rose 0.9% to NZ$1.10, a discount to its NZ$1.30 net tangible asset backing.

The trust's medical and healthcare focus "generally insulates it from mainstream economic issues," chairman Bill Thurston said. "The trust is well positioned to see through the negative sentiment around the medium-term outlook."

The trust will make a fourth-quarter distribution of 2.45 cents a unit, lifting annual payments by 3.2% to 9.8 cents.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ING Medical weighs bid for Australian health clinic investor
ING Medical boosts distributable profit 13%
Daily ShareChat: ING Medical Properties Trust
ING Medical posts loss on property writedown