This article is from the Australian Property Journal archive
ASTRO Japan Property Group has recorded a 0.8% decline in underlying profit after tax of $26.8 million due to a fall in net property income.
The underlying result for the full year reflects a decline in net property income to ¥4.4 billion, down 8.3% on the prior year in Yen terms (Australian dollar terms $A46.1 million, down 11.2%) primarily due to asset sales. Excluding asset sales and the impact of currency movements, net property income decreased by only 1.9%. The decrease was almost completely due to the restructuring and extension of a single retail lease in Susono, as previously reported.
The trust’s statutory net profit after tax was $A43.6 million compared to $A154.8 million for the prior year, largely due to $A131.4 million profit on debt forgiveness recognised in the prior year.
Australian Property Journal
