This article is from the Australian Property Journal archive
Trafalgar Corporate Group has declared a half year profit of $14.99 million for the six months to December 2005, despite a poor performance from its Tallwoods residential project in New South Wales.
For the six months to December 2005, positive revaluations of $18.24 million from the group’s investment portfolio and strong rental income help deliver the record despite the first half of year being impacted by the depressed residential property market.
As a result of the continued decline in the NSW residential property market, the group’s Tallwoods project recorded poor performance.
The directors have written down the investment in undeveloped land at Tallwoods by $8.07 million.
As at December 31, 2005, Trafalgar owns $244 million of investment grade properties, seven development assets and a funds management business that currently has approximately $289 million of assets under management.
Total assets of the group currently exceed $325 million. As a result, Net Tangible Assets have increased to $177 million – an increase of 4.3% or 11 cents per security to $2.64 compared to an NTA of $2.53 as set out in the Prospectus and Product Disclosure Statement dated June 2005.
Trafalgar will pay a distribution for the period of 12.5 cents per stapled security, in-line with the estimate given to the market.
The full year’s forecast distribution of 27.9 cents per security or $18.7 million will be made to investors.
By Adam Parsons
