Goodman trust's 1H net profit quadruples on unrealised property gains

Thu, 14 Nov 2019

Goodman Property Trust's first-half net profit nearly quadrupled, largely reflecting unrealised valuation gains. Cash earnings fell slightly.Net profit for the six months ended September rose to $224.3 million from $59.3 million in the same six months last year. Capital gains contributed $172.4 million, up from $16.8 million the previous year.Managing director John Dakin told investors and analysts on a conference call that they'd had strong messages from valuers that capitalisation rates had shrunk significantly. When those rates contract, the...

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