NZ's Kiwi Income Property Trust H1 profit rises

WELLINGTON, Nov 6 - New Zealand's largest listed property company, Kiwi Income Property Trust Ltd <KIP.NZ>, posted a four percent rise in first half profit on Friday, due to stable rental income.

The company posted a distributable profit of NZ$29.9 million for the six months to Sept 30, compared with NZ$28.8 million last year.

Kiwi Income declared an interim dividend of 3.75 cents per unit, compared with 4.6 cents last year.

Shares in Kiwi Income, a top 10 company, closed at NZ$1.05 on Thursday, having risen 4 percent so far this year compared with a 16 percent gain in the benchmark NZSX-50 index <.NZ50>.

On Oct 2 Kiwi Income said a revaluation of its portfolio of 17 office and retail properties for the half year saw the value fall 3.5 percent to NZ$1.83 billion.