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GPT Group FY Profit Rises

GPT Group (GPT.AX,GPTGF.PK), an Australian property company, reported net profit after tax of A$1.269 billion in 2017, an increase of 10.1 per cent on the previous corresponding period. FFO per security increased by 3.0 per cent on the previous corresponding period to 30.77 cents.

Funds From Operations were A$554.2 million, resulting in FFO per security growth of 3.0 per cent.

The Group recorded A$717.7 million in valuation increases across its investment portfolio, which was the result of a combination of income growth and firmer valuation metrics.

The Retail portfolio delivered like-for-like income growth of 3.8 per cent for the 12 months to 31 December, driven by high occupancy levels and fixed specialty rent increases. Specialty sales productivity across the portfolio increased by 2.2 per cent to $11,185 per square metre.

For fiscal year 2018, the company expects FFO per security growth of approximately 3 per cent; and Distribution per security growth of approximately 3 per cent.

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