By James Atkinson

ALE Property Group, the landlord to 87 pubs leased to the Woolworths-owned ALH Group, has reported net profit of $14.9 million for the year to June 30, 2013.

ALE reported a distributable profit of $31.7 million, up from $26.7 million last year. 

This amounted to 16.32 cents per share, which exceeded guidance by 2 per cent.

"While property income increased, the most notable influence on distributable profit was a decrease in borrowing expense," the company said.

"As expected, borrowing expense decreased by around 22 per cent on the prior year as a result of the hedging restructure completed in December 2012."

ALE said its positive outlook for future market rent reviews was further enhanced by recent ALH-funded improvements at ALE's properties and the gaming regulatory changes in Victoria.

ALH yesterday reported sales for the year of $1.5 billion, an increase of 22 per cent on the previous year or 19.7 per cent adjusted for the 53rd week.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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