Pelorus Property Group Half Year Results, NPAT up 21%

KEY POINTS:

• NPAT HY Dec 2007: $3.213 million, up 21% ($2.647 million HY Dec 2006)
• Revenue HY Dec 2007: $7.117 million, up 21% ($5.896 million HY Dec 2006)
• Fully franked 2.0 cent interim dividend to be paid by way of a pro rata issue of new Pelorus shares (record & allotment date to be announced)

SIGNIFICANT TRANSACTIONS AND EVENTS OVER THE HALF YEAR INCLUDED:

• continued development of Bakehouse Quarter
• completion of purchase of 850 Woodville Road Villawood, agreements secured for 70% net lettable area
• completion of purchase of Trentham City in Wellington, NZ
• estabishment of WT Retail India, a retail management and consultancy operation in Bangalore, India. WT Retail India has already secured a 5 year agreement to manage a significant retail centre in Bangalore
• announced intention to launch a wholesale opportunistic fund, with the seed investment to be the purchase of Bakehouse Quarter Fund units held by Pelorus

EARNINGS OUTLOOK:

• Difficult trading environment presenting many opportunities for Pelorus, particularly in accessing significant long term performance gains through equity participation and growth in annuity income streams
• Woodville Road, Trentham City and Pelorus’ move to replace Centro MCS as Responsible Entity for a number of real estate syndicates consistent with Pelorus strategy

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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