Abacus Group swings to half-year profit of $48m
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The news: Office and self-storage investor Abacus Group has swung to a statutory net profit of $47.6 million in the first half of FY26 which the company has attributed to a focus on cost efficiencies and productivity enhancements. The company also faced high property devaluations in the previous corresponding period.
The numbers: In the first half of FY25, Abacus posted a net loss after tax of $5.7 million. The half-year profit for FY26 is behind the market consensus expectation of $55 million.
Funds from operations came in at $40.1 million, which is down 0.2% compared to the first half of FY25.
Interim distribution per security of 4.25 cents was declared, in line with the previous corresponding period and roughly in line with the 4.3 cents expected. The group reiterated FY26 distribution guidance of 8.5 cents per security.
The context: During the period, Abacus exchanged contracts to divest non-core office asset sales for 241 Adelaide Street, Queensland and Camellia, New South Wales. The company also reduced administrative and other expenses by 8.1% compared to HY25.
The source: ASX
