Dexus (ASX:DXS) up 17% in FY21 profit despite Covid-19

Company News

by Lauren Evans

Dexus Property Group (ASX:DXS) recorded net profit after tax of $1,138.4 million for the period ending 30 Jun 2021 (FY21), up 17 per cent from the prior year.

The Real Estate company drove profits from equity accounted investments and a favourable net fair value movement of derivatives and foreign currency interest bearing liabilities, partly offset by lower fair value gains on owned investment properties.

Adjusted funds from operations and a distribution of 51.8 cents per security for the year, was 3 per cent higher than the prior year, despite ongoing challenges from the Covid-19 pandemic.

Operationally, due to Covid-19 underlying funds from operations, excluding trading profits reached $666.6 million, down 4.1 per cent from the prior year. 

Dexus manages $25.0 billion of funds across its diversified funds management business, which includes 20 vehicles.

Darren Steinberg said, “in a challenging operating environment, we maintained our focus on maximising property portfolio income and performance, while also supporting our small business customers impacted by the lockdowns and growing and diversifying the funds management business."

Shares in Dexus Property Group (ASX:DXS) are trading 1.03 per cent lower at $10.59. 

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