GPT Group swings to first-half profit
Make us a preferred source
Make us a preferred source on Google
The news: Real estate investor GPT Group swung to a first-half net profit after tax of $329.1 million, after reporting a loss of $249.4 million a year ago, driven by positive investment property valuation movements of $48.3 million during the six-month period.
The numbers: Analysts had expected GPT to report a net profit of $336 million for the six months to June, according to Visible Alpha data.
GPT saw a $48.3 million increase in its portfolio valuation, compared to a $556.8 million decrease in the prior corresponding period.
Funds from operations (FFO) grew 4.4% year on year to $322.6 million, or 16.8 cents per security, boosted by a 5.8% uptick in net property income.
GPT declared an interim dividend of 12 cents per share, matching last year's half-year payout and meeting analysts' expectations.
The company expects to deliver full-year FFO of more than 33.2 cents per security, marking year-on-year growth of at least 3%.
