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investa profit up 45 percent

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    Tuesday 29 July 3:24 PM

    Australia's Investa year profit up 45 percent

    MELBOURNE, July 29 (Reuters) - Australian real estate trust Investa Property Group IPG.AX, which is looking to take over Principal Office Fund POF.AX, reported a 45 percent jump in net profit for 2002/03, in line with analyst forecasts.

    Investa, which has made a A$1.46 billion ($961 million) hostile bid for Principal Office Fund, reported a net profit of A$128.3 million, up from A$88.7 million a year ago.

    Four analysts had forecast a net profit between A$127.6 million and A$133.2 million.

    Investa shares last traded unchanged at A$1.93, which implied its cash and share offer for Principal Office Fund was worth A$1.56 per unit, or one cent less than Principal's last trade at A$1.57.


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