News: CDI profit hit by property value adjustment

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Challenger Diversified Property Group (ASX:CDI) has posted a net profit of $15.2 million, down from the $20.8 million net profit reported in the previous corresponding period.

 

The group says net profit after tax was hit by investment property fair value adjustments of $9 million for the period including incentives, capital expenditure and straight-lining.

 

Fund manager Trevor Hardie reaffirmed the group’s full-year normalised earnings guidance of 22.3 cents per unit and distribution guidance of 18.5 cent per unit.

Mr Hardie says the company remains focused on de-risking its future lease expiry profile to continue to grow earnings and distribution.

 

Challenger will pay an interim dividend of 9.2 cents.