THE Galileo Japan Trust (ASX: GJT) has returned to profit in the first half year, delivering a funds from operations of $4.2 million compared to a loss of $1.18 million in the previous corresponding period.
The primary reason for the improvement was a reduction in overall borrowing costs largely resulting from the expiry of “out of the money” interest rate swaps.
Property net income decreased by 3.9% to ¥1.86 billion ($22.4 million) compared to the pcp.
Total liabilities to total assets was 90.1% as at 31 December 2012 versus 88.7% as at 30 June 2012.
No distribution will be paid until further notice due to the restrictions in both the Eurobonds and foreign currency loan facilities.
Property Review
