Rural Funds Group announced consolidated earnings results for the six months ended December 31, 2017. For the period, the company reported revenue was AUD 24,141,000 against AUD 19,642,000 a year ago. Net profit before income tax was AUD 17,059,000 against AUD 17,533,000 a year ago. Net profit after income tax was AUD 16,749,000 against AUD 17,159,000 a year ago. Basic and diluted earnings per unit was AUD 6.58 against AUD 8.55 a year ago. Net cash inflow from operating activities was AUD 16,618,000 against AUD 14,761,000 a year ago. Payments for plant and equipment - bearer plants was AUD 16,218,000 against AUD 7,236,000 a year ago. Payments for intangible assets was AUD 8,000 against AUD 44,420,000 a year ago. Payments for plant and equipment was AUD 897,000 against AUD 1,081,000 a year ago. For the period, the company announced the adjusted funds from operations (AFFO) of AUD 15.4 million, up 22%. The AFFO increase was due to rent on development capital expenditure, rent from acquisitions and lease indexation. Net profit before income tax AUD 17,059,000 against AUD 17,533,000 a year ago. AFFO was AUD 15,406,000 or AUD 6.0 per unit against AUD 12,634,000 or AUD 6.3 per unit a year ago.

The company expects that AFFO will be higher in the second half of fiscal year of 2018, following the Natal acquisition completed in December 2017, as well as revenue from the sale of the annual allocation attaching to high security water rights held by RFF.

For the full year of 2018, the company forecasts AFFO of 12.7 cents per unit and distribution of 10.03 cents per unit.