Melbourne based APN Property Group has announced it has upgraded its earning expectations for the full year on the back of strong revenue growth.
The fund manager has upgraded its operating earnings guidance for FY2016 from 2 to 2.30 cents per share to 3.2 to 3.5 cents per share.
APN has also increased its operating earnings to $7.2 million, up by 85 per cent compared to the prior comparative period. Contributing to the result was an 11 per cent increase in net fund management fees to $6.5 million and an asset and project management fees increasing to $1.7 million from $0.9 million.
Statutory net profits rose 87 per cent to $16 million, driven by from growth in its co-investment stakes in Generation Healthcare REIT and Industria REIT.
Shareholders will be paid an interim dividend of 1.25 cents per share, with a final dividend forecast at 0.25 cents per share.
APN Executive Chairman Chris Aylward said the results reflected APN's strong underlying business fundamentals and those of the funds it managed.
"The Real Estate Securities business continues to report good performance, ratings and solid net inflows. Generation Healthcare REIT delivered outstanding performance and results for its investors and Industria’s team successfully leased over 22,300 sqm of space in the period, significantly enhancing its lease expiry profile and occupancy metrics. As a result of our efforts over the past three years, APN is very well placed to meet the challenges ahead and the opportunities we expect to come our way," he said.