Precinct Properties New Zealand gains after co reaffirms outlook

Precinct Properties New Zealand

08/05/2020 03:40

** Shares of Precinct Properties New Zealand Ltd  PCT.NZ  
rise as much as 5.5% to NZ$1.54, seeing their best day since
March 26
    ** The property developer reaffirms FY20 dividend forecast
of 6.3 cents per share, says "remain confident of meeting its
full-year dividend guidance"  urn:newsml:reuters.com:*:nNZW6b6Ly5
    ** Declares Q3 dividend of 1.575 cents per share 
    ** However, co anticipates a further increase in total
project cost at Commercial Bay due to the impact associated with
the COVID-19
    ** Co adds, One Queen Street redevelopment project in
Auckland will be deferred
    ** Co shares at their highest level in a week
    ** Stock down 20.4% so far this year

 (Reporting by Deepali Saxena)
 ((Deepali.Saxena@thomsonreuters.com;))