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Goodman Group's fiscal H1 operating profit rises 14% YOY

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Goodman Group's fiscal H1 operating profit rises 14% YOY

Goodman Group posted a 14.1% year-over-year rise in operating profit for the fiscal first half ended Dec. 31, 2019, to A$530.4 million.

The property company's operating EPS for the period rose 12.9% year over year to 28.8 Australian cents, while its statutory profit amounted to A$810.6 million.

As of the end of 2019, Goodman Group's assets under management came to A$49.2 billion, up 15% year over year. Its development work in progress as of Dec. 31, 2019, clocked in at A$4.3 billion across 55 projects in 15 countries, with a forecast yield on cost of 6.5%.

The integrated property group declared a distribution of 15.0 cents per stapled security for the fiscal first half.

In addition, the developer raised its EPS forecast for the fiscal year ending June 30 to 57.3 cents from its previous forecast of 56.3 cents. The group maintained its distribution forecast for the full fiscal year at 30 cents per share.