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HomeNEWSStride pleased with full year despite slower growth in value

Stride pleased with full year despite slower growth in value

Property management and investment company Stride has posted a lower net profit, with slower growth in the value of its portfolio.

Image: Screenshot / GoogleMaps via Radio NZ

Its net profit fell 20 percent to $76.2 million, in the year to March, which included a smaller valuation gain than the year before.

The company’s property portfolio was $966.3m as of 31 March, with a gain of $36.5m, compared with a $48.3m gain the year earlier.

Revenue from management and rents fell 2.4 percent to $73m.

The company said the drop in rental income reflected the sale of some assets over the period.

Chief executive Philip Littlewood said he was pleased with the result.

“We’ve delivered both on our distributable profit, which is in line with guidance, and a dividend of 9.91 cents, which is in line with guidance and also delivered an increase in our portfolio value of 4.2 percent,” he said.

Stride had a near 20 percent stake in big box retail operator Investore, which reported a full year net profit of $38.6m, last week.

This story originally appeared on Radio NZ.

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