The GPT Group, comprising general property trust and its controlled entities along with GPT Management Holdings, has released its results for the first half ended June 30.
Total revenues and other income fell 77.8% to $57.9 million. from $261.3 million in the prior-year period.
Profit from operations dropped slightly to $309.1 million, a 2.4% decline from $316.7 million in the same period in 2023.
The property investor and fund manager reported a net loss after income tax of $249.4 million attributable to stapled security holders, compared to a net loss of $1.1 million last year.
The company revealed a $2.4 billion increase in funds under management over the past six months, contributing to a total of $34.4 billion in assets under management.
The retail portfolio's total centre sales rose 4% over the previous period, while logistics reported robust demand driven by e-commerce and population growth.
Additionally, a distribution of 12 cents per stapled security, declared on June 21, is scheduled for payment on Aug. 30.
Penny Berger, head of investor relations and corporate affairs, stated, "Despite challenging market conditions, GPT continues to focus on delivering sustainable returns for our investors."
The net tangible assets per security fell to $5.36 as of June 30, down from $5.61 at the end of December 2023.