BWP Trust has reported a 41 per cent drop in interim net profit, booking $31.9 million in the black for the half year to December 31.
BWP said it booked $49.8 million in revenue, an increase of 23.4 per cent on the previous corresponding period.
The trust lodged a $54.2 million net profit in the six months to December 2010, on revenue of $40.4 million.
Over the half year BWP Trust took a $2.5 million hit on property revaluations, after booking $28.1 million in income from positive revaluations in the previous corresponding period.
The trust said, however, that it expected increased rental income for the second half of 2011-12, as rents begin to flow in from recent and imminent acquisitions and developments.
“Rent reviews are also expected to increase property income for the half year to 30 June 2012,” BWP said in a statement.
Five market rent reviews remain to be completed this financial year, BWP said.
At close of trade today BWP shares had gained 0.85 per cent, to trade at $1.79.
