Property developer Goodman Property Trust's first half net profit fell almost 20 percent, attributed to one-time gains in the year earlier.
The trust's first half profit was $48.4 million in the six months ended in September, compared with $52.4m the year earlier, which included a $13.7m gain on the sale of properties.
The underlying operating profit rose almost 3 percent to $57.1m, while the revenue rose 2.6 percent to just $84.1m.
Goodman Property manager John Dakin said the first half result was impressive, with $72.6m of projects already confirmed, and more than $100m more expected to begin this financial year.
"The Trust is on target to deliver a strong full year profit with asset management initiatives, development completions and robust investment markets expected to contribute to a positive revaluation gain," he said.
Goodman's first half pre-tax distribution is up 2.4 percent to 4.64 cents a unit, and it expects the full year distribution to be up just over 3 percent on the year earlier.