Property investor ALE Property Group
(ASX:LEP) has posted a 7.7 per cent rise in revenue to $57.4 million for the year to June 30, compared with $53.3 million the year before.
The property group reported a 16 per cent rise in post-tax profit to $33.6 million.
The company also announced a number of capital management initiatives including an equity raising of $105 million via an entitlement offer and placement to institutional investors at an issue price of $2.25.
ALE Property also says it is continuing to divest assets with up to $120 million worth of properties targeted to be divested during 2010.
The company says these capital management initiatives, are aimed at repaying debt and reducing gearing from around 65 per cent to 50 per cent.
Looking back over the past five years, ALE Property Group has posted inconsistent net profits.
