The property investor AMP New Zealand Office Trust has recently reported a lower than expected quarterly profits which was not counting unrealized charges, including the forthcoming effect of the removal of depreciation allowances by the government.

However, it is to be mentioned here that the company said that its underlying profit fell 6% to $15.1 million for the quarter and it also disgruntled investors during the last week wherein the approved changes by the company would be manager regarding the performance of the trust and the returns.

The CEO of the company Scott Pritchard said that the property market still remain as the biggest concerns for the company as the environment in the property circuit is still very tough but he said that the business from the leasing activities of the company has increased over the last quarter as the company has been able to bag three new customers for its 21 Queen Street site.

However, the rental income of the company slipped by close to 2% standing at $34 million for the last quarter which was after selling apartment units in Wellington.