Owner of office blocks, shopping centres and business parks, GPT Group (GPT), posted a 6.7% fall in 1H13 (January - June 2012) profit to $257 million
Owner of office blocks, shopping centres and business parks, GPT Group (GPT), posted a 6.7% fall in 1H13 (January - June 2012) profit to $257 million. GPT, one of Australia's biggest diversified property groups, partly blamed the lower earnings on difficult operating conditions. The Federal Reserve's expected tapering of Quantitative Easing (QE) has pushed bond yields significantly higher over the past three months; making Real Estate Investment Trusts (REITs) less attractive. Occupancy rates have pulled back slightly, however remain robust, gearing levels have fallen and a $0.101 per security distribution has been announced. For further details visit investing.commsec.com.au/reportingseason
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