Cromwell Property Group (ASX: CMW)- Cromwell property’s FY18 profit falls

  • Aug 23, 2018 AEST
  • Team Kalkine
Cromwell Property Group (ASX: CMW)- Cromwell property’s FY18 profit falls

Cromwell Property’s (ASX: CMW) stock slipped by 3.043% to $1.115 as company posted decline in profit to $204.1 million from $277.5 million in prior year.

Group’s operating profit for FY18 rose 3% to $156.8 million on the back of funds management contribution which was ahead its pervious target.

CEO Mr Weightman highlighted group’s new “Invest to Manage” strategy which is expected to open new doors to growth initiatives. While net tangible assets per unit was up $0.07, gearing remains at bottom of target range to 37%.

For period ended 30 June 2018, the company declared distribution of 8.34 cents per security, equivalent to the prior year, but reflecting the increased payout ratio of 100.2%.

On FY19 outlook company expects operating profit of 8 cents per share or more and distribution is expected to be at or above 7.25 cents per share.

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