NZ's Goodman Property Trust sees worst day in 2-months on FY profit drop

Goodman New Zealand and Goodman Property Services

28/05/2020 24:26

** New Zealand's Goodman Property Trust  GMT.NZ  falls as
much as 5.2% to NZ$2.180, its biggest intraday percentage drop
since March 30
    ** Office space lessor posts statutory profit of NZ$284.4
mln ($175.87 mln) before tax for fiscal 2020, down from NZ$334.8
mln reported previous financial year  urn:newsml:reuters.com:*:nFWN2D90R2
    ** Says ammended its distribution policy to target payout
ratio of 80% to 90% of cash earnings
    ** Based on the new policy, GMT sees cash distribution of at
least 5.3 NZ cents per unit for year to March 2021, co declared
distributions of 6.65 NZ cents per unit for FY20
    ** Stock hits lowest since May 18
    ** GMT is the second-biggest percentage loser on New
Zealand's benchmark stock index  .NZ50 
    ** Shares up 3.6% this year, as of last close


($1 = 1.6171 New Zealand dollars)

 (Reporting by Anushka Trivedi in Bengaluru)
 ((Anushka.Trivedi@thomsonreuters.com; +918061823241;))