(25 May 2007 – Australia) Babcock & Brown has upgraded its 2007 earnings, pointing to strong performances by the Australian bank’s infrastructure, operating leasing and real estate divisions.The bank forecast earnings per share to increase by around 30 percent this year, up from the 20 percent it had previously forecast, which would result in a group net profit of A$550 million, up 35 per cent on 2006.
Babcock & Brown chief executive Phil Green said the bank was delivering strong growth in assets under management and had just closed the Babcock & Brown Wholesale European Infrastructure Fund, which has already raised 1.3 billion euro.
‘The infrastructure division is now working on a number of other focused wholesale fund initiatives in offshore markets,’ Green said.