CANBERA (dpa-AFX) - GPT Group (GPT.AX, GPTGF.PK) reported Monday that its first-half funds from operations or FFO fell 17.4 percent to $244.5 million from last year's $295.9 million. FFO per security was 12.55 cents, a decline of 23.3 percent from 16.36 cents a year ago.
Adjusted FFO or AFFO was $197.1 million, compared to $242.1 million last year.
GPT recorded net loss of $519.1 million, compared to last year's profit of $352.6 million, primarily due to negative property valuation movements of $711.3 million.
Revenue declined to $357.3 million from $397.1 million a year ago.
Further, the company announced interim distribution per security of 9.30 cents, representing a payout ratio of 99.6 percent of free cash flow.
Regarding the outlook, GPT said it is not providing FFO or distribution guidance for the full year 2020 at this time due to the circumstances amid the COVID-19 pandemic, including the Stage 4 restrictions that became effective in Melbourne on August 5.
GPT's Chief Executive Officer Bob Johnston said, 'We are focused not only on the current pandemic situation but also on positioning the business for the future. It is clearly a very challenging time for Australia, in particular Victorians..'
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