This article is from the Australian Property Journal archive
GOLD Coast property group Sunland is singing a new tune, yesterday it upgraded its 2010 financial year profit forecast by 16%.
Sunland had previously its FY10 profit of $15 million at its FY09 annual results, where it delivered a statutory loss after tax result of $145.1 million compared to a profit after tax of $99 million in FY08.
Yesterday it upgraded its forecast to a range of $17 million – $18 million.
The improved result follows a review of the scheduled settlements for Sunland’s Australian house and land business, which will commence earlier than expected.
As a result, the settlements will now fall within the June 30 2010 deadline and contribute to FY10 profits.
Last year Sunland announced a strategy to go back to basics in Australia following a stint in Dubai. In November, it launched nine new residential developments worth $511 million – the largest release in the company’s 26-year history.
Meanwhile the news was music to investors’ ears, Sunland shares closed 2 cents higher yesterday at 79 cents on the trade of 319,805 volume of shares.
The latest increase puts Sunland’s share price at the top end of its 52-week performance, near 88.5 cents after it traded as low as 33 cents in March last year.
Australian Property Journal
