Some Countdown stores are in Investore Property's portfolio. File photo. Photo: RNZ / Simon Rogers
Big box retail and supermarket property company Investore has reported a bottom line first half loss, as the value of its portfolio dropped $42.7 million.
It said the net drop in the fair value of its property portfolio over was primarily due to the higher interest rate environment.
Key numbers for the six months ended September compared with a year ago:
- Net loss/profit ($27.7m) vs $56.9m
- Revenue $30.2m vs $28.0m
- Underlying profit $17.7m vs $15.4m
- Interim/final dividend 7.9 cents a share
Despite the drop in valuation, the company's underlying profit rose 15 percent to $17.7m.
The company said its portfolio was resilient to the overall market downturn, with a high concentration of tenants catering to the everyday needs of customers.
Investore said it would also continue to monitor its capital position and take a proactive approach to capital management, given the current volatile market conditions.
It was also exploring opportunities to recycle "selected assets" into higher growth investments and value add initiatives.