Abacus Property Group Stronger underlying profit of $182-$187m FY17

Company News

by Jessica Amir

Abacus Property Group (ASX:ABP) is expecting to increase its underlying profit, to be between $182 million and $187 million in the 2017 financial year.

The property portfolio business says that’s a significant improvement from its underlying profit of $124 million in the 2016 financial year.

Abacus says its stronger performance came from a number of factors, including a $75 million fair value adjustment and its 50 per cent sale of Westpac House in Adelaide.

Its results were also bolstered by better than expected transactional profits for its residential and land projects.

The company says the performance shows Abacus can deliver on its strategies and drive outperformance simultaneously.

Shares in Abacus Property Group (ASX:ABP) are trading 1.65 per cent higher to $3.08
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.