Goodman half boosted by global operations

GOODMAN Group has flagged an improvement in FY operating earnings after posting a lift in H1 profit, boosted by the performance of its overseas business.

GOODMAN Group has flagged an improvement in full-year operating earnings after posting a lift in first-half profit, boosted by the performance of its overseas business.

The industrial property developer said it was on track to deliver full-year operating earnings per share of 34.3c per security, representing a 6 per cent lift on 2013, after net profit for the six months to December 31 rose to $160.4 million, a 3.8 per cent improvement on the $154.6 million booked in the previous corresponding period.

Meanwhile, Goodman posted an operating profit attributable to shareholders of $296 million, up from $265.7 million in the first half of 2013.

Its offshore business contributed 53 per cent of operating earnings in the half, while total assets under management grew to $26 billion.

“The strong underlying performance from our operations in the first half is attributable to the global diversification of Goodman’s operating platform, capital partner and customer relationships … [which] provide us with a significant competitive advantage,” Goodman chief executive Greg Goodman said.

Goodman will pay an interim dividend of 10.35c per share on February 21, to shareholders on the record at December 31, 2013.

The group’s distribution reinvestment plan will apply.