Charter Hall profits fall as Folkestone buy proposed

Company News

by Rachael Jones

Property group Charter Hall (ASX:CHC) has posted a 2.9 per cent fall in after tax profit for the full year to $250.2 million.

Revenue rose 15.4 per cent to $246.2 million from last year’s $213.4 million.

EBITDA is $205.2 million down 3.5 per cent on the prior corresponding period.

Distribution per security growth of 6 per cent to 31.8cps; comprising a 20.1 cent per security distribution from Charter Hall Property Trust (CHPT) and a 11.7 cent per security fully franked dividend from Charter Hall Limited (CHL).

Today they also announced plans to buy Folkestone, a real estate funds manager and developer, for consideration of $205 million funded by cash from available investment capacity.

Shares in Charter Hall Group (ASX:CHC) are up 1.56 per cent to $6.96.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.