Charter Hall profit surges on revaluations
The property group’s profit has surged 82.5pc, on the back of significant asset revaluations.
Property group Charter Hall has logged an 82.5 per cent surge in profit for the full year, thanks to significant revaluations of its assets.
In a statement to the market this afternoon, Charter Hall said net profit for the 12 months to June 30 rose to $215.2 million, from $117.9m in the prior year.
The strong showing came despite a more modest lift in revenues of 21.7 per cent, while its core operating earnings – which the group uses as its benchmark – lifted 26.2 per cent $124.7m.
The core number strips out one-off items and came in sharply below the broader statutory net profit number due largely to $107m worth of positive revaluations of investments and property.
“Growth of 29 per cent in funds under management to $17.5 billion and 10.5 per cent in operating earnings per share growth reflects the group’s strategy focussing on accessing, deploying, managing and investing capital,” Charter Hall chief executive David Harrison said.
The recent expansion in operating earnings is expected to slow next year, with 2 per cent growth in post-tax earnings tipped. Charter Hall said pre-tax operating earnings would jump 8 to 9 per cent.
The group declared a final dividend of 13.6c a share, bringing dividends for the full-year to 26.9c, an 11.2 per cent improvement.
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