NZ's Kiwi Income Property year profit up 4.9 percent

WELLINGTON, May 14 (Reuters) - Kiwi Income Property Trust Ltd. , New Zealand's biggest listed property company, on Wednesday reported a 4.9 percent increase in annual profit, lifted by higher rental returns.

The top-10 company posted a net profit of NZ$123 million ($93.9 million) for the year to March 31, including revaluation gains. Excluding revaluations profit was NZ$62.1, up 4.9 percent on last year's NZ$59.2 million.

It declared a final dividend of 4.5 cents per share, compared with 4.85 cents a share in 2007.

Its final distribution for the year was 9 cents a share, and it forecast the same level for the current financial year.

Shares in Kiwi Income, which invests in office buildings and shopping centres, last traded steady at NZ$1.24, after trading between NZ$1.16 and NZ$1.71 during the past 12 months.

Kiwi Income on April 9 reported a NZ$65 million revaluation gain for the financial year, taking its total portfolio value to NZ$2.1 billion.

The company has said it expected continued demand for premium quality office and retail space, which would provide rental growth despite the slowing economy. ($1=NZ$1.31)

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