Goodman Group made a half year operating profit of A$229.2m in the first half of its financial year– a 34% increase on the same period a year before.
In a bullish set of results for the six months to the end of December 2011, Goodman said it was now evaluating new markets to enter with its investment partners,
The results were bolstered, Goodman said, by a high occupancy level of 96% and through the raising of A$600m of new third party equity.
Greg Goodman, group chief executive, said: “The group has worked hard to leverage its size, scale and expertise in response to the continued demand for prime logistics assets by both our customers and investors.
“This is reflected in the continued high occupancy of 96% across the Group and managed funds and the A$600m in new third party equity for our managed funds.
“Support from our capital partners has continued during the period demonstrating the strength of Goodman’s global brand.
“Combined with our ability to develop prime logistics assets, Goodman has continued to gain market share in an environment, in which development capital is hard to secure.
“This has seen our development work in progress grow to A$2.1 billion across 58 projects, with 85% of all developments pre-sold or pre-funded.
“More importantly however, our capital partnering approach is also resulting in Goodman jointly evaluating new markets with our global investment partners”.
“Our development business continues to experience significant demand, led predominantly by third party logistics providers, traditional and online retailers, and the automotive sector.
“With our substantial development capabilities and support from our capital partners, we are well positioned to grow market share in our existing markets and also to pursue expansion into new markets.”
Goodman’s earnings of A$258m were split 62% from investment, 25% from developments and 13% from management.