February 13, 2018 / 10:42 PM / 9 months ago

Australia's Dexus Property HY profit jumps 39 pct

Feb 14 (Reuters) - Australian real estate investment trust Dexus Property Group said on Wednesday half-yearly net profit rose 39 percent due to rising property valuations in its portfolio.

Net profit was A$997.1 million ($783.42 million), the company said on Wednesday, compared to A$716 million a year ago.

The company also announced plans to initiate a buyback of up to 5 percent of its securities over the next 12 months, worth about A$480 million at Tuesday’s close. ($1 = 1.2728 Australian dollars) (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Byron Kaye and Chris Reese)

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