4 Feb 2010

Listed landlord reports rise in profit

12:02 pm on 4 February 2010

AMP New Zealand Office Trust has seen a rise in profit for the six months to December, but is warning that proposed changes to the tax regime will hurt its business in the future.

The listed property landlord made an underlying profit of $32.1 million in the six months to December, an increase of 18.5% on the same time a year earlier.

However, when unrealised property devaluations are included, the trust made a loss of $27.8 million.

Chief executive Robert Lang says the result is largely due to rental revenues.

The trust is concerned about some of the recommendations from the Tax Working Group, which Mr Lang says will have a significant effect on property investment.