Dexus profit falls on back of lower property valuations

Company News

by Anna Napoli

Property trust, Dexus (ASX:DXS) says its net profit after tax (NPAT) fell 27 per cent on 1HFY18 to $726 million for the 2019 first half.

The fall came on the back of net revaluation gains of investment properties being lower than those recognized in the previous corresponding period.

Funds from operations strengthened over the first half, and lifted 9.8 per cent on the same time last year.

Its earnings before interest and tax (EBIT) increased over 21 per cent on the prior year, to $151.2 million.

The company declared a distribution per security of 27.2 cents up 14.8 per cent on the same time last year.

Shares in Dexus (ASX:DXS) are trading 1.36 per cent lower to $11.59.