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GPT Group FY FFO Rises

The GPT Group (GPT.AX,GPTGF.PK)) reported that its Funds From Operations rose to A$574.6 million from A$554.2 million last year.

Net profit after rax of A$1.45 billion for the 12 months to 31 December 2018, an increase of 14.5 per cent on the prior corresponding period. Funds From Operations per security increased by 3.5 per cent to 31.84 cents.

GPT's Chief Executive Officer, Bob Johnston, said "Our Office portfolio delivered excellent results and continued to benefit from its exposure to the Sydney and Melbourne office markets, which we expect will continue to outperform in 2019."

After the end of the reporting period, the Group announced its intention to divest its 50 per cent interest in the MLC Centre in Sydney.

Assets under management increased 5 per cent to A$12.6 billion in the 12 months to 31
December, with the Funds Management business delivering a 11.3 per cent total return for the year.

For fiscal year 2019, GPT expects Funds From Operations per security growth of 4 per cent; and Distribution per security growth of 4 per cent.

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