Growthpoint’s 1H FY17 profit falls 9.4%

Company News

by David Chau

Growthpoint Properties Australia Ltd (ASX:GOZ) has posted its 1H FY17 results, and here are some highlights:

- The company’s NPAT fell 9.4% to $113 million.
- However, it had solid earnings growth, with distributable income of 12.5 cps – which is a 16.8% gain over the prior corresponding period, and
- The company declared a 1H17 interim distribution of 10.6 cps – which is up 3.9% over the previous interim distribution.

Growthpoint also says its six month total return was 7.5% compared to a sector return of -2.6%.

Finally, Growthpoint has upgraded its FY17 earnings and distribution guidance by 4.9% to 21.5 cps, following the completion its takeover and full integration of the GPT Metro Office Fund.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.