Construction Delays Loom at Precinct’s Commercial Bay, But Contract Provides Protection
Narrow-moat-rated Precinct Properties reported post tax operating income for first-half fiscal 2018 of NZD 3.15 cents per security, or cps, down 1.5% or NZD 0.6 million on the previous corresponding period, or pcp. The drop is inconsequential, with increased rental income more than offset by NZD 2.1 million higher tax expense due to lower leasing costs and fewer write-downs of depreciable assets. Fiscal 2018 guidance was reiterated for earnings of NZD 6.3 cps and distributions of NZD 5.8 cps. Ou...
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