Macquarie Office Trust scores 115% profit lift
Macquarie Office Trust has announced an extraordinary 115 per cent increase in net profit to $968 million for the year to June 30, 2007.
The company said that this profit had been delivered at the same time as a 42 per cent return on equity for the year driven by strong portfolio revaluations that contributed $716 million to book value and realised gains from an active divestment program undertaken during the year.
Commenting on the result, Macquarie Office Trust chief executive Adrian Taylor said the company had set clear strategic initiatives to actively recycle capital, selectively develop and reposition assets and enter new markets.
“This strategic positioning has resulted in the trust entering exciting new markets across the globe, ensuring the portfolio is well-positioned to capture the upward swing in the office market and the strong economic growth in these countries,” he said.
Taylor said that in line with this strategy, the trust had been redeploying capital into higher returning investment opportunities with four contracted dispositions and nine acquisitions.
AUTHOR
Mike Taylor
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