Goodman Property weathers the storm

Goodman Property profit shrinks as it pays back debt; credit rating affirmed

by Paul McBeth

Nov. 5 (BusinessWire) – Goodman Property Trust (GMT), the property investor, posted a smaller half-year distributable profit as it paid down debt and lost some tenants.
Standard & Poor’s reaffirmed the company’s BBB investment grade rating following the announcement.

The company reported a $38.5 million distributable profit in the six months ended Sept. 30 from $42.7 million a year earlier, according to John Dakin, chief executive of Goodman NZ Ltd., the trust’s manager.

The trust made a $13.2 million net profit compared to an $11.3 million loss in 2008, and operating revenue rose 5% to $53.5 million.

S&P said the company has a “strong market position in the New Zealand industrial and office sectors” and low gearing.

“GMT is well-placed to withstand the current volatile property market environment given its strong liquidity, high occupancy rates, and manageable development exposure,

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