Cromwell Continues to Sail Close to Wind With Elevated Gearing and Leasing Risk
No-moat Cromwell Property reported fiscal 2016 operating profit of AUD 164.5 million, or AUD 9.41 cents per security, up 12.7% on the AUD 8.35 cents per security in the prior year, whereas distributions declared totalled AUD 8.2 cents per security, up 4.3%. Excluding gains from asset sales, EPS was broadly unchanged over the year. The results were ahead of guidance, owing to the disposal of four Australian assets for AUD 209 million, generating a net gain of AUD 19.4 million, or AUD 1.1 cents pe...Cromwell Property Group has five operating segments: property investment, which owns investment properties located throughout Australia; property/internal funds management, which includes property and facility management, leasing and project management for the trust and all of Co.'s managed investment schemes; external funds management - retail, which at June 30 2016, included nine Co.-managed external retail funds with combined assets under management of A$1.70 billion; external funds management - wholesale, which had combined assets under management of A$5.60 billion as at June 30 2016; and property development.
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