Property firm Goodman Group is keeping its money in its pockets in case acquisition opportunities arise.

Goodman, which on Thursday booked a rise in annual operating profit of 17 per cent, said gearing had been reduced to 18.5 per cent and it had cash and lines of credit totalling $1.8 billion at June 30, 2013.

Goodman chief executive Greg Goodman said Goodman was expanding its operations around the world.

“It’s our job to sift through the best opportunities around the world,” he said during a market briefing.

“That capital will be required for future periods.

“There’s no thought of doing anything with the capital apart from investing it wisely.”

Mr Goodman said economic growth in Brazil would generate new opportunities, and there would still be opportunities in the United States even though its economy was presently sluggish.

Goodman on Thursday booked a net profit of $161.0 million for the year ended June 30, down 60.6 per cent on the prior year’s result.

But the operating profit – which excludes property valuation adjustments, non-property impairment losses, derivative and foreign currency movements and other non-recurring losses – rose 17.4 per cent to $544.1 million.

Business activity in key markets was accelerating as customers and investors demanded prime industrial assets and responded to the rapid growth in e-commerce.

Goodman said the growing contribution from its development and management activities, the strength of its Asian and European businesses and its entry into new markets placed it in a good position to achieve solid earnings growth in fiscal 2014.

The group forecasts a lift of nine per cent in operating profit to $594 million for the current financial year.

Mr Goodman said the forecast was sensible and prudent given that global economic recovery was still uncertain.

Goodman also forecast a distribution of 20.7 cents per security for fiscal 2014, up seven per cent on the 2013 payout of 19.4 cents.

Goodman securities were three cents higher at $4.81 at 1251 AEST on Thursday.