NZX-listed supermarket owner Investore Property Ltd said its net profit after tax dropped from $3 million in the 6 months to March down to $2.3 million in the September half-year.
Investore listed on 12 July as a separate entity from its creator, Stride Property Group, which turned itself into a stapled security at the same time. The management unit, Stride Investment Management Ltd, is one half of the stapled security. The other half is office, retail & industrial portfolio owner Stride Property Ltd, which will retain its PIE (portfolio investment entity) status.
Following listing, Investore completed its $267.4 million acquisition of 14 Countdown supermarkets from the Shopping Centres Australasia Property NZ Retail Trust at the end of September.
In its interim results announcement today, Investore listed financial performance with performance in the previous 6 months, to 31 March, in brackets:
- Net profit before other expenses & income tax was $3.9 million ($4.5 million)
- Distributable profit before income tax $8.4 million ($4.3 million)
- Distributable profit after income tax $7.4 million ($3.6 million)
- Net rental income $13.3 million ($7.5 million
- Corporate expenses $2.0 million ($0.2 million)
- 13cps cash dividend guidance for the 2017 financial year, 1.38c/share cash dividend for the September quarter (0.4139c/share imputation credits)
- Targeting annual cash dividend of 7.46c/share for the 2018 financial year
- Loan:value ratio 40.6%
- Total portfolio value $642.8 million
- Net tangible asset backing $1.47/share
No lease expiries in the 2017 financial year
- 2018 financial year lease expiries at 4.3% of the portfolio contract rental
- Occupancy at 99.7%
- Weighted average lease term 14.4 years
30 September 2016: Investore completes acquisition of 14 Countdown supermarkets
13 July 2016: Stride stapled securities & Investore start trading
13 June 2016: Stride unveils stapled structure & Investore IPO
Attribution: Company release.