This article is from the Australian Property Journal archive
ELANOR Investors Group has pocketed a small interim profit as it looks to grow earnings from its funds management business and investment portfolio.
The group posted an adjusted net profit after tax of $4.8 million, with statutory net profit after tax was $6.2 million, and core earnings for the period up 34.3% to $7.7 million.
Distributions were at $6.9 million, funds under management increased by 65.7% to $646.4 million, and net tangible assets per security increased to $1.38.
“Growing earnings from funds management is a key focus of the business. During the six months we have established two multi-asset funds, Elanor Retail Property Fund and Elanor Commercial Property Fund in the retail shopping centre and commercial office sectors respectively,” Willis said.
The group listed the Elanor Retail Property Fund in November, formed by the stapling of two existing Elanor funds and the acquisition of the Tweed Mall Shopping Centre in Tweed Heads and Northway Plaza Shopping Centre in Bundaberg. It has a gross asset value of $248.5 million.
It also established the Elanor Commecial Property fund, with the acquisition of 96 Mount Gravatt – Capalaba Road in Upper Mount Gravatt this month taking its asset value to $57.9 million.
“These funds complement our multi-asset accommodation hotel fund, Elanor Hospitality and Accommodation Fund, and position the Group for our next stage of growth.” Willis said.
The group returned EBITDA from its funds management activities of $7.82 million compared with $4.1 million for the prior comparative period. Its Hotels, Tourism and Leisure division recorded EBITDA of $3.7 million.
It declared an interim distribution of 7.77cps.
Australian Property Journal