FY20 Results: Another strong result with statutory profit up 13.3%, operating profit up 27.0%, distributions up 3.4%

Real estate investor and manager, Cromwell Property Group (ASX: CMW) (Cromwell) has today reported full-year (FY20) results.

Key highlights:

  • Statutory profit of $181.1 million up 13.3% on prior year (FY19 $159.9 million);
  • Operating profit of $221.2 million, up 27.0% on the prior year (FY19 $174.2 million);
  • FY20 distributions up 3.4% to 7.50 cps meeting original guidance despite COVID-19;
  • 93 SME tenant-customers covered by Code, COVID-19 impact of $9.6 million to 30 June 2020;
  • Net Tangible Assets of $0.99 (FY19 $0.97) with Weighted Average Lease Expiry of 6.2 years; and
  • Gearing of 41.6% with total assets under management (AUM) of $11.5 billion.

To view the FY20 Results Announcement, click here.

To view the FY20 Results Presentation, click here.