BWP Trust reports 41% rise in half-year profit, hikes dividend

The news: Bunnings landlord BWP Trust reported a 41% jump in first-half net profit to $221.8 million, and raised its interim dividend, after the group saw rental income rise over the period.

The numbers: The result topped average profit forecasts of $109.2 million, according to Visible Alpha data.

Like-for-like rental income growth was 2.6% for the half year. The group's property portfolio was revalued during the period, leading to a value increase of $195.9 million to $3.9 billion.

The company declared an interim distribution of 9.58 cents per share, up from 9.2 cents a year earlier, but below consensus estimates of 9.65 cents per share.