AGP lifts profit 34%
Australian Growth Properties Ltd, 50.3% owned by Trans Tasman Properties Ltd, increased net profit 34% to $A18.3 million in 2002.
Pretax profit rose from 10% to 21.5% of revenue, net profit after tax from 4.6% to 5.8% of equity and earnings/share rose from A4.9c to A6.1c.
The company has reduced its portfolio from $A469.4 million to $A442.4 million but total assets are steady at $A480 million. Interest-bearing liabilities have been cut from $A165.1 million to $A156.6 million.
Net tangible assets rose from A99c to $A1.03.
Chairman Rod McGeoch said the board still had to consider the issue of a final dividend. Australian Growth Properties paid an A2c/share interim dividend & an A6.19744c final last year.