Goodman has announced its financial results for the twelve months ended June 30, 2020. The Group reported a 12.5% year-on-year increase in operating profit, totalling $1,060.2m. Operating expenses increased 9.2% year-on-year to total $292.3m.
Earnings from Property Investment increased 14.3%, Management Income rose 8.8%, with the larger chunk of core profits up 13.1% in comparison to 2019 figures.
“The events of the last year have resulted in global changes in behaviour including an acceleration of e-commerce adoption, a shift to remote working and a significant increase in the demand for technology and big data. The location and quality of our properties mean that Goodman is well-positioned to leverage the opportunities that this new operating environment presents. This has provided opportunities for the Group with operating earnings in FY20 remaining ahead of guidance. We saw development work in progress (WIP) increase by 59% on last year to $6.5bn and we expect it to exceed $7bn in the first half of FY21. This development activity is flowing through to our AUM which increased 12% to $51.6bn in FY20, including $2.9bn in revaluation gains. With strong income and capital growth, our Partnerships delivered average returns of 16.6%,” said Group Chief Executive Officer, Greg Goodman.
Source: Goodman Group
