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GPT Group Update

GPT Group posted strong half yearly results with Net Profit After Tax (NPAT) of $586.4 million, up 39% over the last 6 months. Funds from Operations (FFO) grew 6.1% and the group declared a dividend distribution of 11.5 cents per security, up 4.5% over the same period.

 

This growth was mainly driven by positive revaluations (over $380 million), particularly in the office division portfolio ($287.3 million), off the back of strong investment demand and improving market fundamentals in Sydney and Melbourne. The group did well in managing its capital over the period which lead to a credit rating upgrade from S&P.

 

Going forward the group is in a healthy position with positive earnings growth, strong balance sheet fundamentals and solid credit metrics.

 

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