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ING Property Trust posts $11M profit


Tuesday 23rd November 2004

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ING Property Trust today posted an $11.08 million profit for the September half year, up from $1.8 million for the same period last year.

Trust chairman Michael Smith said the increased profit reflected the "significant progress being made in repositioning the Trust, through growing and improving its asset base".

The trust also declared a gross interim dividend of 2.68 cents per unit including imputation credits of 0.61 cents per unit for the three months to September.

The trust's total operating revenue for the September half year was $18.3m from $3m for the same period last year.

Smith said the trust's ongoing "acquisition and rationalisation programme" had contributed strongly to its performance since the beginning of the financial year.

In August this year Ing Property Trust - formerly the Paramount Property Trust - signalled it planned to buy more properties.

Managing director Andy Evans told the trust's annual meeting its was targeting "large portfolios or company acquisitions".

He said the trust, which bought the Citibank building in Auckland from Trans Tasman Properties, was also examining changes to its existing portfolio, including altering the use of some buildings, making applications for zoning changes and making additions to properties so it could add value to the buildings.

As at September 30 the trust comprised 46 properties with a total asset value of $333.3m, up $25.1m on six months earlier.

Smith also said previously announced merger discussions were continuing with Urbus Properties.

ING shares were unchanged at $1.15 in mid afternoon trade today having been as low as 90c and as high as $1.19 in the last year.

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