Business
Abacus Property (ASX:ABP) just revealed 85% profit growth in HY21
Abacus Property Group (ASX: ABP) has reported a significant increase in statutory profit in its FY21 half-year result.
Abacus is a property business that owns two large property portfolios – one is office and the other is self-storage.
Why did Abacus Property’s profit soar?
The property group announced that its statutory profit went up 85% to $151.8 million. The business disclosed that the revaluation process of its property portfolio resulted in a net increase in the investment property values for the first half of FY21 of $93.9 million.
There was a gain of $97.5 million, or 8.4%, across the self-storage portfolio. However, the office portfolio suffered a $3.6 million decline, or 0.2%, across the commercial portfolio.
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