Charter Hall Group has returned to full-year profit as the property fund manager and developer says it is optimistic about the property outlook.
Net profit recovered to $207,000, from the previous year's net loss of $82.2 million, Sydney-based Charter Hall said in a statement on Tuesday.
Operating profit was little changed from the year before at $34.9 million, in line with guidance, the company said.
The company declared a final distribution of 1.6 cents per share, compared with the previous year's one cent.
The company said it expected earnings per security growth in 2010/11 of 20 per cent, allowing for the distribution per security to increase by about 25 per cent.
That would take operating earnings per security to about 4.9 cents from 4.11 cents in 2009/10, and the full year distribution to four cents per security.
Charter Hall said it had integrated the Macquarie property platforms, which it bought in March, broadening the group's national and international reach and taking funds under management to over $10 billion.
Charter Hall joint managing director David Southon said he expected the managed funds business to continue to grow, underpinned by equity flows.
"The Group's outlook improved over the year with economic indicators pointing to a gradual recovery in the global economy," he said.
"The Australian property market has seen increased demand and transaction activity, and we expect property values to increase on the back of income growth."
AAP