Goodman Group, Australia's largest industrial property trust, posted a large headline loss on property writedowns today, but met market expectations with its underlying profit and made some encouraging outlook statements.
The Sydney-based company posted a net loss of $1.12bn for the year ended June 30, compared to a net profit of $250.7m one year ago.
The headline figure at Goodman Group included a $1.16bn writedown on investment properties for the year and a $280m charge on primary derivative market movements.
Its operating profit, excluding property revaluations, mark-to-market of derivatives and other non-cash items, was $408.1m, down from $567.1m a year earlier, in line with recent guidance and market expectations.
Shares in Goodman rose 5.4% to 59 cents, as the benchmark S&P/ASX 200 rose 0.71%.