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Charter Hall announces strong Half Year Results

05/04/2007

Charter Hall reports that the December 2006 interim results are in line with the FY07 forecast. The Group’s total income of $27.3 million represents a 73 per cent increase on the previous reporting period.

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Charter Hall Group (ASX: CHC) reports that the December 2006 interim results are in line with the FY07 forecast and announces a net profit before tax of $16.7million for the period 1 July to 31 December 2006. This result signifies the continued growth of the Charter Hall Group and further cements its position as a leading property fund manager in Australia.

The Group's total income of $27.3 million represents an $11.5 million or 73 per cent increase on the previous reporting period.

The market capitalisation of the Group has grown from $270 million at the time of listing in June 2005 to in excess of $900 million. As a result investors have enjoyed a total return of 89.2 percent over the past half year, making Charter Hall one of the strongest performing property groups in Australia.

Joint Managing Director, David Harrison said "the successful launch of the core plus series of funds has accelerated the growth of assets under management and the 20 per cent coinvestment business model has been embraced by investors. In addition, the growth in funds under management is providing the Group with significant additional recurring earnings streams".