APN Property Group has recorded a statutory net profit of $4.2 million for the six months to December 31, compared with $1.6 million in the previous corresponding period.
The result includes $3.4 million after tax and minority interests from performance fees in connection with APN’s resignation as responsible entity of NSPT and from the strong performances of the listed Generation Healthcare REIT (GHC).
Funds under management increased by 13% to $2.0 billion ($1.8 billion excluding discontinued operations in Europe). The inclusion of IDR and continued growth of the APN AREIT fund, offset by the removal of NSPT were the major factors in this gain.
The directors have declared an interim dividend of 1.25 cents per share. No dividend for the second half has yet been considered.
APN said future income will continue to be influenced by market conditions, new opportunities and the variable nature of ‘one off’ earnings. As a result, it is not possible at this time to provide any further meaningful earnings guidance for FY14.
Property Review
