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.

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.