Profit lift

Goodman Property Trust reported a 47 per cent lift in first-half pre-tax profit as it benefited from fair value gains on investment properties. It reported a statutory profit of $66.4 million before tax in the six months to September 30, 46.6 per cent higher than the $45.3m recorded in the previous corresponding period. Fair value gains of $16.8m on certain properties were the main driver in the variance, it said. “The year to date has seen asset sales, new development projects, positive leasing results and a strategic acquisition add to the positive momentum of the last three years,” chairman Keith Smith said in a statement. The commercial and industrial property investor reported adjusted operating earnings of $51.7m after tax, or 4.0 cents per unit on a weighted average unit basis, compared to $51.4m and 4.0 cents per unit previously.