State property valuer increases profit

By Phil Boeyen, ShareChat Business News Editor

Thursday 1st November 2001

State-owned property information company, Quotable Value New Zealand, has increased profit by nearly a quarter.

The business has reported a net surplus after tax of $833,000, up from last year's $670,000.

Chairman, Richard Westlake, says the surplus reflects the investment in new products and ways of delivering information since becoming a Crown-owned company three years ago.

"All three divisions of the company - QV rating, QV valuations and QV on-line - have increased their business significantly over the last 12 months and Quotable Value's business in New South Wales has doubled."

Mr Westlake says the key new product in the last 12 months was e-valuer, an online service that provides up to the minute estimates on property values to both the general public and subscribers.

"Property information is ideal for delivery through the internet and is fundamental to Quotable Value's future. We are determined to remain an innovator and leader in this area."

QV will pay the Crown a dividend of $413,000.

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