Ecommerce boosts property group Goodman’s profits

Company News

by Rachael Jones

Property Group Goodman (ASX:GMG) has seen a statutory accounting profit of $1.1 billion for the 12 months through to June 30, up from $778.1 million a year earlier.

This includes property valuations, derivative and foreign currency mark-to-market and other non-cash or non-recurring items

They’ve seen operating profit of $845.9 million, up 9 per cent on FY17.

EBITDA is $948.7 million up from last year’s $906.5 million.

Warehouse space and logistics operations close to major cities are increasingly in demand as more consumers buy products online.

Shares in Goodman Group (ASX:GMG) closed 0.5 per cent lower to $10.05 yesterday
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.