Argosy lifts FY profit after year-earlier charges, property income falls

Wed, 22 May 2013

May 23 (BusinessDesk) – Argosy Property reported a jump in full-year profit after earnings in the previous year were eroded by the costs of internalising its management contract. Net property income fell 1.8 percent. Profit was $39.2 million in the 12 months ended March 31, from $1.9 million a year earlier, when it spent $20 million internalising its management contract. Distributable earnings, the favoured profit measure for property investors as it strips out unrealised value changes in property portfolios, rose to $40.4 million, or 6.9 cen...

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