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Paramount meets forecasts

By Christine Nikiel

Friday 30th May 2003

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Paramount Property fulfilled its prospectus listing forecasts yesterday despite questions about the loss of a key tenant in one of its two Auckland properties.

The promoter of the recent float, developer Symphony Group, has a guarantee to pick up any shortfall in the leasing but vacancies may still affect future valuations.

Meanwhile, the share price has held steady following the posting of a surplus of $1.57 million, after revaluations, for the four months to March 31. The trust's prospectus forecast a figure of $1.54.

Net profit after tax was $1.17 million was also above the forecast of $1.57 million, the trust said. Shares traded yesterday at 99c.

Directors declared a final dividend of 2.8c a unit.

With imputations of 0.04c a unit this brought total gross dividends to 3.77c or an annualised gross yield of 11.3% for the four months to March 31.

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