National Property Trust has announced to record an unaudited loss of $13.23 million after tax, marking an improvement on $21.28 million loss recorded last year.

Its gross operating profit is posted of $9.2 million, outlining a low just marginally on the previous year’s $9.37 million operating profit.

“The result reflects the current commercial property market and reinforces the board’s strategy to reduce debt and carefully manage the property portfolio so as to maximize value was correct,” posted new Chairman Jim Sherwin, who took over from Kevin Podmore in April.

The firm’s distributable earnings were significantly up compared to what it forecasted, at 56c a share.

National Property Trust is revealed to have lowered its gearing from 36.7% landing it to 22% in the year to March 31, with proceeds from three major asset sales contributing to its debt reduction.

It lowered its banking facility from $110 million touching $90 million in March, which it cited to pose a positive impact on its profit for the coming year.

The trust’s portfolio, after the above sales and full revaluations, is now reduced to $191.2 million compared to $266.7 million recorded last year.

National Property Trust share were witnessed to trade at 49c at press time.