Colonial Trust profit steady

General manager, Lloyd Cundy, says the trust's portfolio is currently 99% occupied and net income was in line with expectations. Th net surplus compares to $10.94 million for the same period the previous year.

Mr Cundy says the NZ property market is very active, with several large commercial transactions having already occurred in 2002.

"This increased level of activity is likely to continue throughout 2002 on the back of the current steady low interest rate environment."

The trust will pay a third interim gross distribution of 2.63 cents per unit, slightly below last year's 2.67 cents per unit.

Net tangible assets at the end of December stood at 98.77 cents per unit, up from 98.24 cents per unit at the end of the September quarter. NTA at the end of December 2000 was 96.40 cents per unit.

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