Argosy boosts first-half earnings 29 percent as benefits of internalisation kick in

Wed, 28 Nov 2012

By Paul McBeth Nov. 29 (BusinessDesk) - Argosy Property, whose shareholders agreed to corporatise the company after buying out its ANZ Bank-owned manager last year, lifted first-half earnings 29 percent as it reaped the benefits of a cheaper cost structure from bringing management inhouse. Distributable income, the favoured profit measure for property investors as it strips out unrealised value changes in property portfolios, rose to $20.2 million, or 3.6 cents per share, in the six months ended Sept. 30, from $15.7 million, or 2.84 cents, a...

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