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GPT Full-Year Profit More Than Doubles on Property Value Growth

GPT Group, Australia’s second- biggest diversified property trust, said full-year profit more than doubled after the value of its properties rose.

Net income climbed to A$594.5 million ($615.5 million) in the 12 months to Dec. 31 from A$246.2 million a year earlier, the Sydney-based company said in a statement to the Australian stock exchange. Operating income rose to A$456.4 million from A$438.8 million a year ago.

GPT in December made an offer for the commercial property and development businesses of smaller rival Australand Ltd. While the target rejected the bid, saying it didn’t offer compelling value, GPT today reiterated plans to expand its real estate funds management and development businesses, optimize existing assets and acquire new properties.

“GPT’s focus in 2012 was on its ‘optimize and grow’ strategy and it is pleasing to see that this approach continues to deliver results,” Michael Cameron, managing director of GPT, said in today’s statement.

Net tangible assets rose to A$3.73 a share from A$3.59 a year earlier. GPT will pay a dividend of 19.3 Australian cents a share, up from 17.8 cents a year earlier, it said today.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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