Aveo Group Reports Group and Trust Earnings Results for the Six Months Ended December 31, 2017; Reaffirms Earnings Guidance for the Fiscal Year 2018 and Provides Tax Rate Guidance for the Second Half of Fiscal 2018
For the six months, the trust group announced revenue was AUD 15.6 million compared to AUD 8.3 million for the same period a year ago. Profit from continuing operations before income tax was AUD 15.4 million compared to AUD 6.7 million for the same period a year ago. Profit for the half-year was AUD 15.2 million compared to AUD 6.7 million for the same period a year ago. Diluted earnings per stapled security were 2.7 cents compared to 1.2 cents for the same period a year ago. Net cash flows from operating activities was AUD 3.7 million compared to AUD 17.7 million for the same period a year ago. Payments for property, plant and equipment was AUD 26.6 million.
The company reaffirmed its financial guidance for fiscal year 2018, which was provided with the fiscal year 2017 results, of: EPS of 20.4 cents per security, 7.9% higher than the 18.9 cents per security delivered in fiscal year 2017; and retirement return on asset target in the range of 7.5% - 8.0%. The effective tax rate is expected to be at 17%. Full year margins are expected to be around 30%.
The second half of fiscal 2018 effective tax rate is expected to be 20%.