SYDNEY, Feb. 7 (Xinhua) -- The Australian property giant, SCA Property Group, has posted strong first half results, recording a 125.4 percent increase in net profits, to 204.7 million (Australian dollars).
The value of their Australian property portfolio rose during the same period, with their holdings now valued at 2.201 billion (Australian dollars), up 313.4 million (Australian dollars) in the six month period from July 2016.
SCA chief executive Anthony Mellows is confident about the property giants results, saying that the robust performance has helped the company improve its financial position, including their debt.
"The weighted average cost of debt has reduced to 3.6 percent, the weighted average term to maturity of our debt is 5.1 years, 70 percent of our drawn debt is fixed or hedged, and gearing is 31 percent which is at the lower end of our range." Mellows said.
The property developer will have a distribution of 6.4 cents per unit, up 6.7 percent on their previous year's payout.
