AMP-run Capital Properties securities face suspension for late report

Published 5 July 2009

Capital Properties NZ Ltd issued a 15-month result at the end of May, but has been told by NZX Regulation its securities will be suspended from trading unless it files an annual report by Tuesday 7 July.

 

The annual report was due to be filed by 30 June.

 

Capital Properties issued a consolidated statement of financial performance on 29 May, for the 15 months to 31 March. The company’s debt securities remain listed on the NZDX after its equity listing ended in the 2006 takeover by AMP Property Portfolio Investments Ltd, which still owns the company.

 

That May announcement showed a sharp slump in performance (15 months against 12, but with annualised percentage comparisons, and in any case the significance is in the size of the losses).

 

Trading revenue, at $75.8 million, was down 5.4% on an annualised basis and other revenue fell from $113.6 million to $2.6 million, reducing total operating revenue by 65% to $78.4 million.

 

From a $132.3 million pretax operating surplus, Capital Properties dropped to a $69.5 million loss. After a tax gain of $25.1 million, the company had an after-tax operating deficit of $44.4 million. A $4 million unrealised net fall in value of a joint venture cut the bottom line to a $48.4 million loss.

 

The story below refers to Capital as an entity with listed shares.

Earlier story:

31 May 2006: Capital Properties raised operating profit 15.5% in last year as listed entity

 

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Attribution: NZX statement, May company release, story written by Bob Dey for the Bob Dey Property Report.

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