Australian property trust GPT Group saw its profits grow in the first half of 2010 following its exit from
In results for the six months to 30 June, GPT posted a A$145m (£83m) net profit, up from a loss of A$1.2bn at the same time last year.
The first half result is also up on the A$125m profit recorded in the second half of 2009.
First half realised operating income, which takes out non-cash items, was A$206m, up 12.5% from the previous corresponding period’s A$183m.
Following the global recession, GPT decided to focus on its Australian retail, office and industrial properties by selling its overseas assets, including GPT Halverton.
The company sold its
GPT chief executive Michael Cameron said the “clean-up and stabilisation” was now complete.
“We set ourselves a number of goals in August 2009 aimed at reinvigorating GPT,” he said.
“I am pleased to report that, as a result of a successful scorecard over the last year, we have rapidly moved through the clean up and stabilisation phases of our strategy.
“We now have a very stable business focused firmly on
nathan.cross@estatesgazette.com
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