Centuria guidance drags on shares
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More news: Centuria's share price has fallen more than 6% to $3.04 by 1pm AEST, after forward guidance predicted lower earnings and distribution in FY24.
Centuria swings to profit
The news: Property investment manager Centuria Capital Group has swung from a $37.9 million loss in FY2022 to a $105.9 million profit in FY23.
The numbers: Centuria's earnings per share lifted from a 4.8 cent loss last year to 13.3 cents in the black. The group said its balance sheet remained flexible, with more than $329 million in cash and undrawn debt available at the end of the period, including $237 million from the sale and recycling of assets. Centuria lifted its distribution slightly from 11 cents to 11.6 cents, and was trading down slightly to 0.05% to $1.47 at 10:37am AEST.
The context: Centuria said while the high interest rate environment remained challenging for real estate funds, rates were expected to stabilise at some point in FY24. It provided an EPS guidance range of 11.5 to 12 cents and distribution guidance of 10 cents per security for the current financial year.
The source: ASX Announcement
