New Zealand's Argosy Property slips, sees FY23 to be 'challenging'

Argosy Property

22/11/2022 24:29

** Shares of Argosy Property Ltd  ARG.NZ  fall as much as
2.5% to NZ$1.18, their worst intraday drop since Nov. 9
    ** Auckland-based property firm says fiscal 2023 remains
challenging, but business is well positioned
    ** HY net profit from cont ops declines 91.6% to NZ$10.7 mln
($6.53 mln)
    ** Forecasts further rental revenue growth in portfolio over
next six months
    ** HY net property income jumps 3.6% to NZ$55 mln, driven by
steady like-for-like rental growth
    ** ARG down 24.4% this year as of last close
($1 = 1.6375 New Zealand dollars)
 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))