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Highlights

  • Net profit after tax rebounded to NZD 9.66 million in H1 FY25, from a loss of NZD 66.53 million in the prior year.
  • In H1 FY2025, net rental income rose 2.7% YoY to NZD 31.19 million.
  • The company sold Woolworths Mount Roskill property for NZD 25 million, achieving an 11% premium to book value.

Investore Property Limited (NZX:IPL) is a New Zealand-based property investment firm. In the half-year ended 30 September 2024 (H1 FY2025), net rental income of IPL rose by 2.7% YoY to NZD 31.19 million, up from NZD 30.38 million in H1FY24. However, profit before other expenses and income tax slipped by 2.7% YoY to NZD 17.13 million, a decline of NZD 476,000 from the prior year.

During the reported period, a significant turnaround was seen in the profit after income tax attributable to shareholders, which rebounded to NZD 9.66 million, compared to a substantial loss of NZD 66.53 million in the same period last year. This improvement was primarily driven by a smaller net reduction in the fair value of investment properties.

Despite the recovery in net profit in H1 FY25, IPL’s distributable profit declined, largely due to the removal of tax deductions for depreciation on commercial buildings, a change implemented from 1 April 2024.

Recent business developments

On 18 March 2025, IPL announced the divestment of its Woolworths Mount Roskill property in Auckland for NZD 25.0 million, representing an 11% gross premium to book value, or NZD 2.5 million, and a passing yield of 5.85%.

The sale proceeds will be directed initially towards repaying bank debt, with longer-term plans to recycle capital into high-quality, strategically located assets. This aligns with IPL’s focus on enhancing rental growth.

IPL remains committed to exploring opportunities for capital recycling and portfolio optimisation.

Dividend history

For the quarter ended 30 September 2024, the company declared a dividend of 1.625 cents per share with ex-date of 25 February 2025 and pay-date of 14 March 2025.

Share performance of IPL

IPL shares closed 1.89% lower at NZD 1.04 per share on 7 April 2025. Over the past year, IPL’s share price has dropped by nearly 10.34% and in the last three months, it has recorded a drop of around 7.96%.

52-week high of IPL is NZD 1.29, recorded on 20 August 2024 and 52-week low is NZD 0.97, recorded on 4 June 2024.

Resistance and support summary

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 07 April 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.