Charter Hall Retail lifts H1 profit

Real estate investment trust reaffirms full-year guidance, boosts revenue.

Charter Hall Retail REIT has reaffirmed its full-year guidance after posting a lift in first-half profit.

Profit attributable to members for the six months to December 2013 was $20.6 million, a 30.4% increase from $15.8 million in the six months to December 2012.

Profit from ordinary activities after tax attributable to members, excluding results from discontinued operations, increased by 152.9% to $66 million, compared with $26.1 million in the prior corresponding period.

Revenue from ordinary activities rose by 32.5% to $116.3 million in the half-year, compared with $87.8 million in the previous corresponding period.

The group will pay a distribution of 13.65 cents per share to shareholders on the record at December 31, 2013.

Charter Hall excluded its German operations from the operating earnings as they are being prepared for sale.

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