West Australian based fund Aspen Group continues its strong growth with forecast earnings expected to exceed the previous guidance of 11.5 cents by at least 0.5 cents.
The revised earnings floor of 12 cents per stapled security for the financial 2006 compares to the 2005 earnings of 8.75 cents per stapled security and represents a total earnings increase of 37% for the 2006 year.
Aspen‘s strong earnings have enabled the group to announce a further increase in the quarterly distribution rate, from 2.625 cps to an estimated 2.875 cps, effective from the June quarter.
Following the June quarter payment the total distribution paid for the 2006 year will be 10 cps, a 20% increase over the 2005 total distribution of 8.35 cps — on a post consolidation basis).
Fee income from the Dunsborough Lakes project, growth in both the Aspen Parks and Aspen Diversified Property Funds, along with the continued strong rental income from Aspen’s property portfolio assets, have all contributed to the strong earnings growth in the second half of FY06.
Aspen Group managing director, Angelo Del Borrello added that the further increase in forecast earnings reflects extremely positively on Aspen’s business model.
“The group expects the positive earnings outlook to continue in the 2007 financial year and will announce its financial year 2007 earnings guidance in July.”
By Adam Parsons
