Fair value gains lift earnings at Guthrie GTS

Guthrie GTS, which is the subject of a privatisation offer, today reported a 254.2 per cent jump in second quarter net profit to $69.4 million, thanks to a large fair value gain on investment properties.

The gain jumped more than six times to $$65.5 million from $8.6 million in the same period last year.

Revenue for the three months to June 30 soared by 42.2 per cent to $97.9 million.

This was mainly attributable to higher revenues achieved by the engineering and property divisions, partly offset by lower revenues from the leisure division.

Earnings per share swelled to 6.44 cents from 1.82 cents previously while net asset value per share firmed to 105 cents compared to 97 cents as at Dec 31.

Guthrie said its Adora Green residential project is expected to receive its temporary occupation permit in the second half of the year.