Cromwell Property Group delivers record first half operating profit

Posted On Thursday, 20 February 2014 18:20 Published by
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Redefine International is pleased to announce that the Cromwell Property Group ("Cromwell"), in which the Company currently has a 13.19% interest, has released its results for the half year ended 31 December 2013.

Paul Weightman

Cromwell is an Australian Property Trust listed on the Australian Stock Exchange. The Company's interest is held through its wholly-owned subsidiary Redefine Australian Investments Limited.

The highlights for the six months to 31 December 2013 are set out below:-

Cromwell delivers record first half operating profit:

  • Statutory profit up 194% to $86.7 million
  • Half-year profit from operations up 59% over 1H13 to a record $73.2 million
  • Sale of 6 non-core assets for $253 million and purchase of Northpoint Tower
  • Increase in external AUM to $1.2 billion, with funds management earnings up 285%
  • Gearing reduced to 43%, with debt refinance well advanced
  • Full year guidance of at least 8.4 cps earnings and 7.5 cps distributions maintained



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