QUEENSLAND based property group Trinity has posted growth in profits, revaluations and assets under management for the 12 months to June 30.
FY08 | FY07 | Change | |
NPAT | $34.5m | $24.1m | 43% |
Underlying NPAT | $27.3m | $21.9m | 25% |
Basic EPS | 15.2 cents | 13.1 cents | 15% |
Underlying EPS | 12.0 cents | 11.9 cents | 1% |
DPS | 11.7 cents | 11.0 cents | 6% |
AUM | $1.38bn | $994m | 39% |
NTA | $1.15 | $0.99 | 16% |
Trinity booked an underlying profit (excluding revaluations) of $27.3 million for FY08 period – an increase of 25% when compared to $21.9 million in the previous corresponding period.
But unlike most of its property peers, Trinity’s profit result including revaluations actually jumped up, to $34.5 million which is 43% higher than last year’s $24.1 million.
Trinity chief executive Ben McCarthy said solid performance across the group has contributed to the growth in earnings.
“We recognise that the changed market conditions presents a degree of uncertainty however Trinity’s established status and core property expertise sees us well positioned to capture opportunities that are anticipated to emerge,” he added.
Trinity has declared a final distribution of 6.2 cents per stapled security, bringing the total distribution to 11.7 cps for FY08 – in line with previous guidance.
During the period, the group grew its AUM by 39% from $994 million to $1.38 billion, but so did gearing from 28% to 37%. As a result a result, net tangible assets is 16% higher at $1.15 from 99 cents.
The current book value of the Trinity Stapled Trust is $227.8 million, despite the impact of the reversion of property market capitalisation rates.
Net profit from co-investment in managed funds was $15.4 million.
Looking ahead, McCarthy said the group will not issue financial guidance until the uncertainty in the markets abates but he noted that all areas of the business are currently forecast to deliver consistent results in FY09.
“Although the uncertain economic conditions has resulted in a slow-down of activity across the market, Trinity is well placed to withstand the turmoil,” McCarthy said. “Our fundamentals are strong, our team is intact and growing and opportunities will emerge in FY09 and beyond.”
Trinity shares closed 3.5 cents higher at 86 cents.
Australian Property Journal
