This article is from the Australian Property Journal archive
CAR park and property investment company Ariadne is back in the black, notching up a full year after tax profit of $5.536 million.
The result is a turnaround for Ariadne which last year posted a loss of $9.76 million. In the 12 months to June 30, the company’s revenue also rose 18.97% to $24.522 million.
Ariadne Australia Limited (“Ariadne”) has reported an after tax profit of $5,636,000 for the year ended 30 June 2010, (2009 loss of $9,760,000) and is well positioned for future growth.
The company announced a full year dividend of 1.5 cents compared to 1.0 cent last year and net tangible assets per security improved 10.10% to 32.81%.
CEO Murray Boyte said strong result was driven by the car park division which contributed profit of $5.362 million an increase of 26% on 2009 profit of $4.255 million. Meanwhile investment profits were $3,248,000 up from a loss in 2009 of $828,000.
S&K Car Park, the 50% owned car park operator trading as Secure Parking reported a profit of $9,596,000. Ariadne’s 50% share is held in Ariadne accounts on an equity basis and the book value as at 30 June 2010 is $9,384,000 which is historical cost. S&K Group currently manages and operates over 205 car parks comprising over 90,000 bays in Australia.
Boyte said the economic outlook remains uncertain both internationally and in Australia and Ariadne has taken a cautious approach to maintaining liquidity and cash reserves.
Ariadne recorded net operating cash flow for the year of $8.760 million up from $2.67 million. Ariadne has cash reserves in excess of $33 million.
“Focus is on managing operating assets to maximise cash flow and reduce debt. This approach has underpinned Ariadne’s financial strength and resulted in improved profitability,” he concluded.
Australian Property Journal
