Abacus Property Group

Abacus Property Group has announced its interim result. Revenue was down 28% to $133m, a fall that reflected profits from prior asset sales rather than any current weakness. Net profit also fell 14% to $40m. Earnings per security fell 18% to 10.4 cents, partly due to the increase in securities on issue following the recent merger discussed in Abacus and Storage Fund to merge from 18 Jan 12 (Long Term Buy – $1.90). The interim distribution was held flat at 8.25 cents, with 16.5 cents expected to be paid for the full year, producing a forecast yield of 8.5%. Table...

Abacus Property Group has announced its interim result. Revenue was down 28% to $133m, a fall that reflected profits from prior asset sales rather than any current weakness. Net profit also fell 14% to $40m. Earnings per security fell 18% to 10.4 cents, partly due to the increase in securities on issue following the recent merger discussed in Abacus and Storage Fund to merge from 18 Jan 12 (Long Term Buy – $1.90). The interim distribution was held flat at 8.25 cents, with 16.5 cents expected to be paid for the full year, producing a forecast yield of 8.5%.

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