Goodman First-Half Profit Falls 23% on Weaker Property Valuation

Goodman Group, Australia’s biggest industrial property trust, reported a 23 percent drop in first- half profit as property valuations weakened.

Net income fell to A$154.6 million ($159 million) in the six months ended Dec. 31, compared with A$200 million a year earlier, the Sydney-based company said in a statement to the Australian stock exchange. Operating profit rose 16 percent to A$265.7 million, it said.

Goodman will pay a dividend of 9.7 Australian cents for the half, it said. The company forecast full-year operating earnings of 32.3 cents a share, up 6 percent from the previous year.

Goodman, which is seeking to expand its global operations, in November announced a Brazilian logistics partnership with Sao Paulo-based WTorre Properties SA, and in August said it had formed a joint venture with the Canada Pension Plan Investment Board to develop and buy warehouses in North America. The group will continue to expand at home, with plans to begin A$451 million of warehouse and office investments, the company said this month.

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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