This article is from the Australian Property Journal archive
A STRENGTHENING Japanese Yen has helped Astro Japan Property Group deliver an increase in underlying profit after tax growth of 6.4% in the first half.
The $18.3 million figure came after the Yen grew 9% against the Australian dollar, offsetting a decline in net property income after some smaller assets were offloaded.
Net property income decreased 1.2%.
Statutory net loss after tax of $22.4 million, down from a profit of $54.2 million, which the group said was “almost solely due to a non-cash foreign exchange rate translation loss of $42 million compared to an exchange rate translation gain of $24 million in the pcp”.
The value of the group’s portfolio increase to $1 billion following favourable revaluations, and despite the sell-offs.
It marked a decrease of less than 8% in Austalian dollar terms in the half, whilst portfolio occupancy by area across its portfolio is at 98.7%, slightly down in the same period.
Net tangible assets were down 7% in the half to $7.68 per security due to Yen value fluctuations.
The group holds the cash equivalent of around $45 million, almost entirely in Yen.
The group reaffirmed guidance for underlying profit after tax of between 56 and 58 cents per security, with distribution at 21cps for the half and 32cps for the full year, an increase of 16.7%.
Australian Property Journal
