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
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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