This article is from the Australian Property Journal archive
DESANE Group expects a large fall in annual EBIT, primarily due to the sale of its controversial Rozelle asset during the previous year.
EBIT is expected to be in the range of $3.3 million to $3.4 million in FY20.
After an ongoing court battle with the New South Wales government, Desane sold its Rozelle site to the state for $78 million plus GST in October of 2018.
The figure was a significant improvement on the original $18.4 million compensation offer from the NSW government, which had been seeking to compulsorily acquire the 5,274 sqm site for works as part of its Westconnex M4-M5 Link. Desane had initially made a $100 million compensatory claim based on the property’s development potential.
Desane expects to announce full year results on or before 24th August.
