Charter Hall Social Infrastructure REIT (ASX:CQE) report profit up 25%

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Charter Hall Social Infrastructure REIT (ASX:CQE) has increased its statutory profit by 25 per cent to $85.9 million in the 2020 financial year.

Operating earnings of $51.1 million, up 15.6 per cent on the previous corresponding period and revenue rose by 9.5 per cent to $862 million.

Acquisition activity during the period included securing 11 existing childcare properties for $64.8 million at a purchase yield of 6.3 per cent with a further 3 existing childcare properties contracted for $12.6 million at a purchase yield of 6.4 per cent.

Charter Hall Social Infrastructure REIT’s Fund Manager, Travis Butcher said: “The COVID-19 pandemic has resulted in significant challenges for the childcare sector, however the Government support has demonstrated the essential nature of the sector.

Shares in Charter Hall Social Infrastructure REIT (ASX:CQE) are trading 1.27 per cent higher at $2.39.

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Source: Finance News Network