GPT Group, the Australian property trust unloading overseas investments, released its results today. The group posted a profit in the second half of the year but posted loss in the full year. The profit in the second half was mainly attributable to the sales of its assets.

The trust posted a net profit of A$124.9 million in the second half of the year. While for the full year 2009 ended December 31, the trust posted a net loss of A$1.07 billion. GPT Group reported a significant improvement in its full year result as in the previous fiscal of 2008 the net loss was reported A$3.25 billion. Operating income for the year was reported A$375.8 million, increased by 20% over the previous year and also above the guidance of the company which expected an operating income of A$365 million for the year.

"We took the hard decisions and dealt with the problems. We now have a great business. GPT is back," said its chief executive Michael Cameron in Sydney while announcing its full year results.

GPT also provided its outlook for 2010. The trust said that it is expecting the same operating income in 2010 as posted in FY 2009. Given the strong economic outlook in Australia, the trust said that its portfolio of core real estate assets would be very helpful for the company to perform well in the coming quarters.