This article is from the Australian Property Journal archive
DEVELOPER Sunland Group has increased its profit guidance for FY2014 to $13 million – $14 million after tax, up from the previous guidance of $12 million after tax.
Managing director Sahba Abedian attributed the improved outlook on the group’s successful return to the multistorey residential sector and ongoing capital management initiatives.
Sunland lowered its profit forecast in October last year after it was hit with a hefty legal bill from an unsuccessful $14 million court battle against Angus Reed, Prudentia Investments and Matthew Joyce.
In February this year, Sunland announced a 64.7% fall in net profit to $2.96 million for the six months to December 31, as a result of a $14.5 million legal bill.
In FY2013, Sunland posted a net profit after tax of $13.6 million and in FY2012 the group delivered $14.5 million.
Abedian said for the past four years, Sunland has been on a journey of capital management and portfolio enhancement to improve profitability and operational performance.
“Our return to multistorey developments will continue to make a greater contributiton to the portfolio as new projects are launched and settled,” he added.
Sunland will start construction on a new $239 million residential tower, Abian in Brisbane’s CBD after attracting pre-sales of more than $160 million.
Abedian said the group will continue to actively monitor the market for new opportunities in Sydney, Melbourne and south-east Queensland, to increase its development pipeline.
Property Review
