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Dexus FY'19 after-tax net profit drops 25.9% YOY to A$1.28B

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Dexus FY'19 after-tax net profit drops 25.9% YOY to A$1.28B

Dexus's after-tax net profit for the fiscal year ended June 30 decreased 25.9% year over year to A$1.28 billion primarily due to lower net revaluation gains from investment properties during the reporting period.

Despite the decline, the Australian property company's funds from operations, or FFO, in the 12-month period increased by 4.3% to A$681.5 million. The recorded growth was higher in comparison with Dexus' forecast of an approximately 3% jump in the metric during its portfolio operational update for the quarter ended March 31.

As expected, the real estate group's distributions per security rose 5.0% to 50.2 Australian cents, according to the company's earnings release.

For the 12 months ending June 30, 2020, Dexus is expecting a roughly 5% annual improvement in its distribution per security. For the fiscal year, the company is also anticipating an approximately 3% growth in both its per-security FFO and per-security underlying FFO, barring unforeseen circumstances.