NZ's Precinct Properties falls after revaluation reveals $154 mln loss

Precinct Properties New Zealand

07/07/2023 01:15

** Shares of Precinct Properties New Zealand  PCT.NZ  down
as much as 1.9% to NZ$1.275, on track for a third straight
session of losses, if trend holds
    ** The property developer says it revealed a draft
revaluation loss on its property portfolio of about NZ$250 mln
($154.03 mln), compared with a gain of NZ$19 mln a year ago
    ** Adds that on a like-for-like basis, asset valuations
decreased by around 8.6% and 5.3% in Auckland and Wellington,
compared with the latest book values
    ** Precinct stock up 2.8% YTD, as of last close 
 
    ($1 = 1.6231 New Zealand dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))