Pub owner ALE Property Group has more than doubled its annual profit to $32.7 million as its hotels increase in value.
One of the country’s largest pub owners has more than doubled its annual profit as its properties increase in value.
ALE Property Group owns 86 pubs, including the Breakfast Creek Hotel in Brisbane, the Young & Jackson Hotel in Melbourne and Perth’s Brass Monkey.
Its net profit in the year to June 30 of $37.2 million was up from $14.9 million in the prior year, as the value of its pubs rose by $40.2 million to $821.7 million.
The company also locked in lower credit margins and base interest rates during the year.