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.