PHOTO: Sylvia Park is owned by Kiwi Property Group. Photo: Photo / Matthew Theunissen
Kiwi Property Group has posted a large annual loss after writing down the value of its portfolio because of the Covid-19 pandemic, which is set to eat into the coming year’s earnings.
The country’s biggest property company reported a loss of $186.7 million against last year’s profit of $138.1m, as it cut the value of its holdings by $290m.
“While the company delivered a good operating performance FY20 (financial year 2020), the onset of the Covid-19 pandemic late in the financial year had a significant impact on our property valuations and net profit,” chief executive Clive Mackenzie said.
Its revenue was up 2.6 percent to $243.6m, and its funds from operations, which it regards as a key measure of profitability, with all its property types showing growth, led by office space, mixed use of office and commercial, and even retail managed a slight lift on the previous year.
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