GPT Group (ASX:GPT) has reported a 6.7 per cent drop in its half year net profit of $257 million, attributing the dip to smaller uplift in overall asset values.
CEO Michael Cameron says the result is solid coming on the back of an active period for the group, with $690 million of transactions executed and two major developments completed.
The developments include a $300 million shopping centre expansion and a $780 million tower in Castlereagh Street Sydney.
GPT says it also achieved significant growth in funds management and ongoing capital management activities.
Mr Cameron says GPT remains cautiously optimistic about the second half however expects to deliver earnings per share growth of at least 5 per cent.
GPT Price at posting:
$3.75 Sentiment: None Disclosure: Held
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