The S&P/ASX 200 Index (ASX: XJO) is up 0.85% today as companies continue to release their half-year results for the six months ending 31 December 2022.
Here we take a look at the results of the biggest real estate investment trust (REIT) among the ASX 200 stocks, Goodman Group (ASX: GMG), as well as those of the operator of the Australian Securities Exchange, ASX Limited (ASX: ASX).
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Goodman Group profit up 11.5%
Goodman Group is one of the largest ASX 200 stocks, with a market capitalisation of $37.25 billion. The Goodman share price is up 1.2% today to $20.05 after the industrial property specialist reported an 11.5% profit boost and upgraded its full-year FY23 guidance.
Here are the highlights of 1H FY23 for Goodman Group:
- Operating profit of $877 million, up 11.5% on the prior corresponding period (pcp) of 1H FY22
- Operating earnings per share (EPS) of 46.4 cents, up 10.7% pcp
- Gearing at 9.7%, (8.5% at 30 June 2022) with look through gearing at 20.7%
- Available liquidity of $2.8 billion
- Net tangible assets (NTA) of $8.87 per share, up 6% from 30 June 2022
- Total assets under management of $79.5 billion, up 17% pcp
- $1.4 billion of revaluation gains across the group and partnerships during the half
- Portfolio occupancy at 99% and like-for-like net property income growth of 4.2%
- Development pipeline valued 9% higher on pcp to $13.9 billion, with a forecast yield on cost of 6.4%.
In a statement, Goodman Group said "the business is performing better than originally anticipated".
Goodman said:
We've seen continued rental growth in our markets which has underpinned strong cash flows.
The capital position is strong, the portfolio remains almost fully leased, and development activity
continues to be robust.As a result, the Group expects to achieve full year OEPS growth of 13.5% compared to the previous guidance of 11%.
Massive CHESS derecognition cost impacts ASX profit
This ASX 200 stock is the company that runs the largest securities exchange in Australia. The ASX share price is down 0.7% to $69.55.
Here are the key points for 1H FY23:
- Statutory profit of $73.7 million (impacted by the CHESS derecognition charge of $176.3 million announced in November 2022)
- Underlying net profit after tax (NPAT) of $250 million, down 0.1% pcp
- Operating revenue of $499.5 million, down 0.4% pcp
- Interim dividend of 116.2 cents per share declared.
In a statement, ASX CEO Helen Lofthouse said it was a "pleasing performance … achieved in a period of notable change for our organisation and volatility in our external environment".
