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Abacus Group Reported 14.1% Revenue Increase, Net Profit After Tax Down 95.1% Due to Fair Value Adjustments

August 18, 2023 – Australia’s Abacus Group reported a 14.1% increase in revenue to A$400.7 million for the 12 months to June 30, 2023.. This was driven largely by a 17.1% increase in rental income to A$348.3 million. Funds from Operations climbed 8.8% to A$175 million

Net profit after tax was A$25.5 million, down 95.1% from A$517.2 million a year earlie due to an unfavourable change in the fair value of investments and derivatives. In financial year 2023, Abacus reported a negative change of A$105 million, and in 2022, it recorded a positive change of A$395.9 million.

In a separate statement, it said that it and its spin-off Abacus Storage King will be removed from S&P/ASX 200 Index effective on September 18.