Goodman Group $154.6m Profit Down 22.7% 1H2013

Australia's largest industrial property trust and the world's second biggest property manager by market value Goodman Group (ASX:GMG) has reported its first half results for FY 2013 to shareholders, investors and traders participating on the Australian stockmarket.

• Goodman Group Net Profit of $154.6 million, down 22.7 percent.
• Goodman Operating profit of $266 million, up 16 percent.
• GMG declared an interim dividend distribution of 9.7 cents per share.
• The company seeks to expand global operations with partnerships. Last November GMG announced a Brazilian logistics partnership with Sao Paulo-based WTorre Properties SA (Where GMG raised $400 million), and in August Goodman Group formed a joint venture with the Canada Pension Plan Investment Board ($400 million) to develop and buy warehouses in North America.
• The company plans to spend $500 million on acquisitions to raise its assets over the coming year.
• Chief executive Greg Goodman said, "We are confident that with our Australian operations performing well with the rise in e-tailing, and the overseas projects coming to fruition, the 2014 year is looking good. The structural change occurring across the sector from the evolution of e-commerce, greater supply-chain efficiencies and through consolidation continues to present Goodman with significant long-term opportunities."
• Goodman managed $21 billion worth of properties as of the end of the half year.