News: Dexus H1 profit rebounds into black

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Dexus Property Group (ASX:DXS) has rebounded into the black with a first half net profit of $295 million, from a loss of $107 million the same time a year earlier.

The property group has upgraded its full year earnings guidance and says it is well positioned for growth as the property cycle continues to improve.

In the 2011 financial year earnings per security are forecast to grow from 7.3 cents to 7.4 cents while distribution per security is forecast to rise from 5.1 cents to 5.18 cents.   

Dexus says it now plans to capture growth in office markets, focus on its Australian industrial portfolio and benefit from the emerging US upswing.

 

In the six months to 31 December 2010, Dexus Property Group reported a net profit of $295 million.