Key points
- Statutory net profit of $10.3 million, compared to a loss of $597.2 million in HY24
- Funds From Operations (FFO) of $337.8 million, down 7.4% on HY24
- Adjusted Funds From Operations (AFFO) of $251.8 million, down 13.9% on HY24
Full summary
Dexus has reported its financial results for the half-year ended 31 December 2024. The company's statutory net profit was $10.3 million, compared to a loss of $597.2 million in the prior corresponding period, primarily driven by lower fair valuation losses on investment property. Funds From Operations (FFO) was $337.8 million, down 7.4% on HY24, largely due to the impact of divestments, lower industrial one-off income, and higher interest rates. Adjusted Funds From Operations (AFFO) was $251.8 million, down 13.9% on HY24, impacted by higher interest rates, lower trading profits, and continued impact of higher incentives. The company's net tangible asset backing per security decreased by 16 cents or 1.8% to $8.81. Dexus has progressed its medium-term priorities, including transitioning the balance sheet, maximising the contribution from the funds business, and unlocking its local sector expertise.