GPT Group has announced a statutory profit of $329.1 million for the half-year ending June 30. This result was boosted by a $48.3 million increase in the value of its investment portfolio. Funds from operations (FFO) reached $322.6 million, equating to 16.8 cents per security, while adjusted funds from operations totalled $257.4 million. GPT Group is one of Australia’s largest diversified property groups. The company actively invests in, develops and manages a range of Australian office, retail and logistics properties.
The group’s board has declared an interim distribution of 12 cents per security, scheduled for payment on August 29. The net tangible assets of the group stand at $5.31 per security. Gearing is reported at 30.7 per cent, with available liquidity of $1 billion, positioning the company with financial flexibility.
Chief executive Russell Proutt commented that the company’s performance reflects “the strong operational performance at the asset level, a testament to the quality of our portfolio and ability of our people to drive earnings.” He stated that GPT’s strategic focus remains on “delivering long-term value to our stakeholders.”
Looking ahead, GPT has reaffirmed its full-year guidance, anticipating funds from operations to be no less than 33.2 cents per security. This represents an increase of at least 3 per cent compared to the previous year, signalling confidence in the group’s continued performance.
