APN Property Group Limited (ASX: APD)- APN Property declared decent FY18 result

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APN Property Group Limited (ASX: APD)- APN Property declared decent FY18 result

 APN Property Group Limited (ASX: APD)- APN Property declared decent FY18 result

APN Property Group’s net profit after tax increased 27% to $13.6 million for the financial year ended 30 June 2018.

Operating earnings of the group surged to $8.2 million, up 12% on prior year on the back of successful completion of ASX listing of company’s fourth business division, Convenience Retail REIT (CRR), and significant increase of 12% in Funds under Management. The group has observed 97% of earnings generation from recurring sources.

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A specialist real estate investment manager, APD holds a portfolio of 69 assets valued at $340 million as at 30 June 2018.

The board declared final dividend of 1.00 cents per share, fully franked, bring the total FY18 dividend to 2.25 cents per share, up 12.5% on FY17. This final dividend is payable on 27 September 2018 to shareholder registered on record date of 10 September 2018.

Operating earnings after tax is expected to range between 2.40cps to 2.90cps for FY19 on the assumption of a ‘like-for-like’ capital structure.

Despite posting decent results for FY18, APD share price sinked 1.136% to $0.435 on Thursday i.e. 23 August 2018, before market close.

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