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Showing 49-63 of 63 published briefings.

Asset Plus (APL)HY23Released 29 November 2022

Revenue fell 33% and PBT swung to a loss as net debt climbed to $42.9m

Munroe Lane capex lifted gross borrowings 72% ahead of an April 2023 completion, while the tax line masks the underlying pre-tax loss.

Published 22 April 2026

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Kiwi Property Group (KPG)HY23Released 28 November 2022

NPAT swung to a $151.1m loss and the interim dividend was halved

Property revenue grew 6.5% and operating cash held up, but a PBT reversal and an $80.8m capex step-up turned free cash flow negative.

Published 21 April 2026

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Argosy Property (ARG)FY23Released 22 November 2022

Operating profit up 5% but HY23 PBT collapsed 87% on weaker revaluations

Argosy's core rental profitability held up, but the bottom line was hollowed out by smaller fair value gains on the investment property portfolio.

Published 22 April 2026

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Property for Industry (PFI)HY22Released 22 August 2022

PFI NPAT fell 91% as HY21 revaluation gains didn't repeat, rents up 3.7%

Headline earnings collapse masks a stable rental business, but operating cash flow fell 34% and the effective tax rate jumped to 33.5%.

Published 21 April 2026

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CDL Investments New Zealand (CDI)HY22Released 10 August 2022

CDI's NPAT up 10.3% on a 22.2% revenue drop as cash reserves collapse 83%

A 1,979bp gross margin expansion drove earnings higher on lower sales, but operating cash fell 74.9% and the cash balance dropped from $91.0m to...

Published 21 April 2026

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Kiwi Property Group (KPG)FY22Released 23 May 2022

NPAT up 14.1% but dividend cut as net debt climbs past $1.12b

Headline earnings growth runs well ahead of operating cash, and the 2.85cps final dividend remains uncovered by pre-lease free cash flow.

Published 21 April 2026

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Asset Plus (APL)FY22Released 19 May 2022

PBT down 78% as borrowings jump 5x to fund NZ$40m development spend

A development-driven capex step-up has lifted net debt from NZ$6.3m to NZ$51.3m just as rental revenue and headline profit both contracted.

Published 22 April 2026

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Property for Industry (PFI)FY21Released 21 February 2022

PFI's $452.8m NPAT is 87% non-cash revaluation, rental income up just 11.6%

Fair value gains of $392.5m and a 4.2% effective tax rate did most of the work; operating cash only covered 38% of the lifted dividend.

Published 21 April 2026

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CDL Investments New Zealand (CDI)FY21Released 18 February 2022

CDI's 3.9% NPAT gain masks a 92.5% collapse in operating cash flow

Earnings edged higher on property settlements but H2 burned cash as the reported cash balance still climbed to NZ$53.0m.

Published 21 April 2026

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Argosy Property (ARG)FY22Released 23 November 2021

Rental revenue up 20.8% but NPAT slipped 1.3% as capex pushed FCF negative

A deleveraged balance sheet and reconfirmed 6.55cps dividend sit alongside weaker cash conversion and a capex step-up that outran operating cash flow.

Published 22 April 2026

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Kiwi Property Group (KPG)HY22Released 22 November 2021

HY22 NPAT rebound to NZ$143.2m masks a tripling in receivable days

Release-reported continuing revenue +9.0% and NPAT +164.1% lean on property revaluations, while trade debtors jumped 68.9% and cash fell 29.6%.

Published 21 April 2026

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Property for Industry (PFI)HY21Released 20 August 2021

NPAT surged 1,648% on revaluations while rental revenue rose only 9.8%

The headline profit is dominated by non-cash property gains and a collapsed tax rate, with underlying operating cash generation far smaller than...

Published 21 April 2026

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Kiwi Property Group (KPG)FY21Released 24 May 2021

NPAT swung to $196.5m but operating PBT fell 10.3% on a 6.3% revenue decline

The reported earnings recovery is a revaluation story; underlying property cash earnings softened and net debt edged higher.

Published 22 April 2026

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Kiwi Property Group (KPG)HY21Released 24 May 2021

NPAT swings to $196.5m as valuations reverse, but operating profit falls 10.3%

FY21 headline recovery is driven by property revaluation reversals, not underlying earnings, with revenue down ~6% and operating profit before tax...

Published 21 April 2026

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Argosy Property (ARG)FY21Released 19 May 2021

NPAT doubled on revaluation gains while operating profit grew just 8.4%

A NZ$241.7m FY21 NPAT flatters a rental business that grew underlying operating profit at single digits, with leverage still drifting higher.

Published 22 April 2026

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