(Recasts with fiscal year 2024 earnings forecast, adds background details in paragraphs 4-6)
Aug 21 (Reuters) -
Australia's Charter Hall Group (CHC) , one of Australia’s largest real estate firms, forecast on Monday a decline in operating earnings for fiscal year 2024, after posting a 79% slump in annual profit.
The company now expects 2024 post tax operating earnings per share of 75 Australian cents ($0.48), down about 20% from 93.3 Australian cents in prior fiscal.
Soaring inflation and record interest rate rises led to a rapid increase in the cost of debt, impacting the company's asset classes.
Statutory profit after tax was A$196.1 million ($125.66 million) for the 2023 fiscal year, down from A$911.1 million posted in earlier year.
Property investment valuation saw a 162% plunge to A$220.7 million.
($1 = 1.5605 Australian dollars)
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