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SYDNEY -- Property company Goodman Group (ASX: GMG.AX) has risen 51% to $4.29 so far during 2012, making it one of the best performers in the S&P/ASX 200 Index (INDEX: ^AXJO ) , and comprehensively outperforming the index, which has risen just 10.7%.
Goodman Group is an integrated commercial and industrial property group that owns, develops, and manages real estate including warehouses, business parks, and offices globally. The company also offers a range of investment property funds.
During February, Goodman Group reported its six monthly results, with operating profit coming in at $229 million, an increase of 34% over the previous year. Operating profit is before property revaluations and other non-cash items. The company also announced it was on track to increase full-year earnings by 8%. Distributions (dividends) increased 20% over the prior corresponding period.
In June, the company announced that it had entered the U.S. market, investing up to US$800 million mainly in key North American Logistics and industrial property markets.
During August, Goodman reported an operating profit of $463 million for the full 2012 financial year, a 21% increase over 2011. Earnings per share increased, as previously announced, by 8% to 30.5 cents. The company also forecast that it was positioned to deliver an operating profit in the 2013 financial year of $524 million, equating to earnings per share of 32.3 cents.
Goodman's next half-year results are due to be published around the middle of February 2013.
With a prospective P/E of around 13.2, Goodman is trading at a discount, compared to Challenger Diversified Property on a P/E of 17.1, and BWP Trust on a P/E of 14.6.
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