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GPT Group FY FFO Rises, But Profit Drops

GPT Group (GPT.AX,GPTGF.PK) reported that its funds from operations for the twelve-months ended 31 December 2019 was A$613.7 million, an increase 6.8 percent from last year. Funds from operations per ordinary security rose to 32.68 cents from 31.84 cents in the prior year.

Adjusted funds from operations grew to A$497.5 million from A$460.5 million in the prior year.

Distribution per security was 26.48 cents, up 4.0 per cent from the prior year.

Net profit after tax was A$880.0 million, a decrease of 39.4 per cent on the prior corresponding period due to lower valuation gains.

The Group said it remains well placed to deliver funds from operations and distribution growth in 2020.

Looking ahead for fiscal year 2020, the company expects funds from operations per security growth of 3.5 percent, and distribution per security growth of 3.5 percent.

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