Macquarie Goodman NZ boosts year result
Macquarie Goodman Property Trust in New Zealand has posted an 87 per cent rise in annual net profit, partly reflecting the rising value of its properties.
After-tax profit for the commercial property investor rose to $NZ117.8 million ($A104.56 million) for the year ended March, including revaluations totalling $NZ65.9 million ($A58.49 million).
During the period, the company bought $NZ190 million ($A168.65 million) worth of properties and sold $NZ82 million ($A72.79 million).
"A clear strategy and a proven business model have contributed to a strong portfolio performance and an impressive operating result in 2007," chairman Jim McLay said.
"With an increased development capability this same strategy will ensure the Trust is well positioned to take advantage of a changing property and investment environment over the coming years."
Development land made up 7.6 per cent of assets.
