SCA property group (ASX:SCP)
has announced statutory net profit after tax fell by 37.4 per cent to$109.6 million for the 2019 financil year compared to the same time last year.
The fall in profit came on the back of expensing transaction costs on acquisitions completed during the period and reduced investment property valuation uplift.
Funds From Operations lifted by 24 per cent to $141.8 million.
The property management company flagged investment property portfolio value of $3.1 billion, up by $693.2 million on the prior corresponding period. This was largely due to acquisitions ($677.9 million) and development expenditure ($13.4 million).
SCA declared a distribution of 14.70 cents per unit, up by 5.8 per cent on the same period last year which is a payout ratio of 90 per cent.
The company says its pleased to report another solid result for the year to 30 June 2019. Existing centres continue to perform well, delivering continuing sales growth and a comparable net operating income increase of 2.5 per cent due to positive rent renewal uplifts and expense control.
Shares in SCA Property Group (ASX:SCA)
closed 0.39 per cent higher at $2.55 yesterday.