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Capital Properties improves interim profit

By Phil Boeyen, ShareChat Business News Editor

Friday 10th November 2000

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The takeover of Shortland Properties has helped Capital Properties to improve its interim profit although the company is warning earnings per share for the full year may be slightly under forecasts.

Capital Properties made an after tax surplus of $7.5 million for the six months to the end of September, up 31% on last year's $5.75 million. Sales revenue double from $13 million to $26 million.

The result is in line with company projections, however because it has not been able to lease vacant space as quickly as it expected when it took over Shortland Properties, earnings per share for the current year will be marginally less than the 12.7 cents projected in December last year.

Capital Properties says the lower-than-expected eps will not affect dividend payments for the year and the gross dividend payment is still anticipated to be 11.65 cps including imputation credits.

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