10/08/2012 - 15:34

Bunnings trust lodges dip in profits

10/08/2012 - 15:34


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Bunnings trust lodges dip in profits

BWP Trust, the owner of a $1.3 billion portfolio of Bunnings Warehouse stores, has announced a 14 per cent dip in profits for the past financial year.

BWP lodged revenue of $102 million for the 12 months ended June 30, up 19.7 per cent on the previous year’s result.

But profits fell to $69.9 million for FY2012, after the company recorded an $81.5 million profit the previous year.

The trust said it expected property income to increase over 2012/2013 on the back of increased rental income from recent additions to its portfolio.

BWP acquired two additional Bunnings warehouses in the 12 months to June 30, for an investment of $36.3 million.

“Two main themes for the trust’s operations will continue in the short term: capital management to improve the efficiency, security and flexibility of funding; and asset management to continue to drive growth and value from existing properties and add quality new properties to the portfolio selectively,” BWP said in a statement.

At close of trade today BWP Trust shares had lost 0.5 per cent, trading at $1.93.



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