Abacus Property posts steep rise in FY profit

By a staff reporter 

Property investment firm Abacus Property Group Ltd says demand in the domestic real estate market is ignoring weak fundamentals, attributable to a slowdown in the office environment and an uncertain economic outlook.  

Net profit increased to $68.3 million, from $24.5 million the previous year, when the group took a $35.2 million hit on derivatives investments.  

When contributions from non-controlling interests were stripped out, net profit was $61.1 million, up on $8.5 million in the prior year. 

Revenues rose to $281 million in the period, from $236.1 million. 

Abacus has paid a final dividend of 8.25 cents.