Bunnings trust net profit up 11%

BUNNINGS Warehouse Property Trust has reported a small rise in profit for the year to June 30, but only if revaluations are not included in the result.

The trust, which owns multiple Bunnings hardware properties, reported a 1.1 per cent rise in distributable profit to $40.5 million.

This was based on an 11.2 per cent increase in revenue to $73.2 million, reflecting an increase in rental income and new acquisitions.

Market rent reviews on 19 properties resulted in an average 12.2 per cent increase in annual rent.

The downside for the year was that property revaluations resulted in a write-down of $52.1 million.

The revaluation loss was set-off against prior years' undistributed income.

The overall value of the trust's property portfolio fell slightly to $955.6 million.

The trust maintained a conservative gearing ration, with debt equal to 22.6 per cent of total assets, down from 31.5 per cent one year earlier.

The trust said it was well positioned to buy premium assets.