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Business Description: Cromwell Property Group (CMW) is an Australian Real Estate Investment Trust (A-REIT) and Property Fund Manager with over $2.7 billion in assets under management and manages commercial properties throughout Australia. The Company provides funds management, property transactions, property and facilities management, finance, compliance, debenture issues, and debt management services.
Strategy Analysis: Focus is on bedding down recent acquisitions, managing the existing portfolio and growing funds management fees. Further large acquisitions are unlikely in the near-term unless opportunistic. In general, CMW looks to acquire properties producing stable income and capital growth through trying to pick markets with the most potential over rolling 3-5 year periods. The Group also creates and manages unlisted property funds which are mainly invested in by retail investors.
Cromwell Property Group reported NPAT of $29.5m for the half-year ended 31 December 2012. Revenues from ordinary activities were $106.44m, up 23% from last year. The increase was primarily as a result of additional rental income generated due to the acquisition of the balance of the Cromwell Property Fund not already owned, increased rental income from Qantas Headquarters (due to expansion of the property), the HQ North property (acquired December 2011), and the Bundall Corporate Centre property (acquired January 2012). Basic and Diluted EPS were 2.4 cents compared to (0.7) cents last year. Net operating cash flow was $46.72m compared to $39.35m last year. The interim dividend declared was 3.6 cents, compared with 3.5 cents last year.
The Age 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
The Age 20/05/2013 |
Tiger Australia has continued to narrow its losses due to stronger returns from fares and is operating without restrictions from air-safety authorities.
The Age 20/05/2013 |
When it comes to forecasting the economy - and thereby the budget balance - the econocrats of the Reserve Bank and Treasury are on a hiding to nothing.
The Age 20/05/2013 |
Markets ought to be about competition. To quote historian Niall Ferguson, they should ensure the survival of the fittest, not the fattest.
The Age 20/05/2013 |
Investment bank Morgan Stanley Smith Barney is being sued after losing more than $5 million from the super accounts of two private clients with a series of "aggressive, highly speculative and high-risk" trades using derivatives and share options.
Sydney Morning Herald 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
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