Goodman Group looks to South America
Fri August 10, 2012 5:09pm
PROPERTY management and development company Goodman Group is looking to expand into South America as it posts a full year profit of $408.3 million.
Goodman's net profit in the year to June 30 was up 4.2 per cent on the $392 million made in the previous year.
The company has operations in Australia, New Zealand, Asia, Europe and recently launched in North America.
Chief executive Greg Goodman said the company was now looking at moving into the South American market, in particular Brazil.
"We're actively growing market share and prudently expanding our operating platform around the world," he said.
"The significant undersupply of quality industrial space in China is providing development opportunities. We are also assessing the possible entry into Brazil which significant due diligence already undertaken by our European team."
Mr Goodman said over the new few years he saw Asia as the company's biggest growth area but all of its businesses across the globe would either grow or become stable over that time.
"I think you'll find Asia strongly progressing, Australia and New Zealand still moving ahead, Europe probably stable in regard to what we did last year and certainly the US will have an impact in future periods as well," he said.
He said the growth in the company's overseas operations had resulted in its offshore businesses contributing 41 per cent of its $527 million operating earnings before interest and tax (EBIT).
"We expect earnings from our offshore businesses to continue trending toward 50 per cent of operating earnings before interest and tax over the medium term," he said.
"These factors, coupled with our ability to access third party capital and the partnering approach we take with our global investor and customer base, has placed the group in a strong competitive position and will continue to drive the growth of our business and generate future value for our stakeholders."
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