Abacus released Half Yearly Results to Dec 2017

Abacus released their half yearly results this week for the period ending 31st December 2017;

Results highlights

The Group delivered an AIFRS statutory profit of $117.5 million in HY18
Abacus underlying profit was $77.3 million, up 11%
10% improvement in Abacus underlying earnings per security to 13.4 cents
Abacus HY18 distribution per security up 3% to 9.0 cents
Distribution payout ratio of 67.2% of underlying profit
Net tangible assets (NTA) of $3.13 per security, up 4%
Continue to enhance overall portfolio quality with over $200 million of office assets added to the commercial portfolio delivering stable cashflows to drive recurring earnings
$26.7 million of value added to the self-storage portfolio reflecting its enhanced city metropolitan footprint
Self-storage portfolio delivered RevPAM growth of 3.3% for the 6 month period
Realised $88 million in cash from residential developments
Group gearing at 21.3%

Abacus reaffirms its targeted distribution of 18.0 cps for FY18.

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