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Cromwell Property Group releases half year results

Posted On Friday, 15 February 2013 11:38 Published by eProp@News
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Cromwell Property Group releases half year results

Redefine International is pleased to announce that its associate company, the Cromwell Property Group ("Cromwell"), released its half year results for the period ended 31 December 2012 on 14 February 2013.

Cromwell is an Australian Property Trust listed on the Australian Stock Exchange, in which the Company currently has a 22.01% interest held through its wholly-owned subsidiary Redefine Australian Investments Limited.

The highlights for the period are set out below:-

- Statutory accounting profit of $29.5 million, compared to a prior year loss of $6.8 million

- Operating earnings of $45.9 million, up 24% from $37.0 million in 1H12
- Like-for-like increase of 3.8% in net property income
- Reduction in gearing from 51% at June 2012 to 44%
- $143 million raised from institutional placements and $39 million raised from security purchase plan
- Completed the acquisition of the balance of the Cromwell Property Fund
- Fund management momentum continued with completion of Ipswich fund and launch of Box Hill Trust
- FY13 operating earnings guidance maintained at not less than 7.5 cps, with distributions of 7.25 cps


Last modified on Friday, 15 February 2013 11:41

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