Australian Education Trust (AEU) said it will lift dividends again for the current financial year as net profit surged in 2012-13.
The childcare property owner, which is managed by Folkestone Investment, revealed a 71% uplift in net profit to $39.7 million for the year ended June 30, as total revenue inched up 1.7% to $41 million.
More importantly, the trust increased distribution by 7% to 10.7 cents per unit for 2012-13 and indicated that distributions will rise by 12.1% to 12 cents per unit in 2013-14 (see The next dividend dazzlers).
Most of the increase in profit has come from the $19.6 million upward revaluation of its properties, although gains in derivatives held on its books are not hurting either.
The stock jumped 1% to $1.50 this morning. Australian Education is part of the Uncapped 100.
