Goodman Group (GMG) is predicting growth of 9% in operating profit for the current year despite posting a dramatic slump in full-year profit on the back of a huge hit from currency and derivative movements.
In the full year to June, Goodman made a net profit of $161 million, 60.6% lower than the $408.3 million recorded in the previous corresponding period.
The slump was driven in large part by a $293 million hit taken on derivative and foreign exchange movements.
It came despite a 21.2% rise in revenue to $1.14 billion, from $944.5 million in the prior year.
The group met its upgraded earnings per share forecast set in June at 32.4 cents, and sees this increasing to 34.3 cents for the current financial year.
Analysts were estimating earnings per share of around 35.1 cents for 2013-14.
Operating profit increased to $544.1 million from $463.4 million.
Goodman is predicting a 9% rise in operating profit for the 2013-14 year to $594 million (see Adam Carr's The coming uplift in equities and property).
It will pay a final dividend of 9.7 cents on 26 August, up on the 9 cents paid last year.