Australia's GPT more than doubles 2006 net profit to 1.384 bln aud |
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Published
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Thu, 22 Feb 2007 03:29
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SYDNEY (XFN-ASIA) - Property trust GPT Group said 2006 net profit rose to 1.384 bln aud from 566.8 mln a year earlier on gains from a new joint venture with investment and advisory firm Babcock & Brown, new funds and overseas expansion.GPT chief executive Nic Lyons said the result reflected restructuring undertaken in 2005 aimed at improved returns to security holders.Lyons said the group has established a range of additional earnings streams and platforms to secure future growth.He said the joint venture with Babcock & Brown has given GPT access to new offshore sectors and markets while the group has also entered the high growth US seniors housing market.In Australia, Lyons said GPT established a funds management platform launching the group's first wholesale fund, the GPT Wholesale Office Fund in July.The fund raised 1.3 bln aud in equity, making it one of the largest capital raisings undertaken in the Australian wholesale market.Lyons said GPT has also expanded its exposure to property development in Australia.Security holders will receive 0.07 aud distribution for the December, taking the distribution for the year to 0.275 aud, an increase of 12.7 pct on 2005.(1 usd = 1.26 aud)bruce.hextall@xfn.com
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