Challenger Diversified Property Group’s
(ASX:CDI) full year net profit has surged 9 per cent to $39.3 million, with some help from the silver screen.
The group is forecasting a 4 per cent rise in normalised earnings for fiscal 2014, despite a downturn in the office market and a flat retail sector.
Blockbuster film The Great Gatsby attracted crowds to the group's cinemas, leading to a 6 per cent rise in sales.
A revamp of the Jam Factory mall in Melbourne helped push the 2013 total distribution up 6 per cent to 17.8 cents with a payout ratio of 85.6 per cent. The final distribution was 8.2 cents to be paid on August 30.
Fund Manager Trevor Hardie, says he’s pleased with the results in a time of weaker office markets and flat industrial and retail sales. He says The Great Gatsby was a major contributor to the retail malls.
