GPT posts fall in half-year profit

GPT Group (GPT) has flagged a continued focus on capital allocation as a core revenue driver after unveiling a lower profit for the June half.

Investors responded well to the result. At the 1015 AEST official market open, GPT shares were 1.21% at $3.765, against a benchmark index fall of 0.07%.

Net profit after tax for the six months to June 30 was $257 million, a 6.7% fall from the $275.5 million booked in the previous corresponding period.

But realised operating income for the half rose to $236.5 million, up 4.1% from $227.2 million in the first half of 2012.

The property group will pay a cash dividend of 10.1 cents per ordinary share.