This article is from the Australian Property Journal archive
LISTED car park operator Ariadne Australia is forecasting a net profit before tax result for FY16 after the New South Wales Court of Appeal ruled in its favour.
The NSW Court of Appeal this week allowed Secure Parking’s appeal into a long running dispute, and set aside the order that Secure pay $6.9 million plus costs, relating to a contractual dispute in 2012.
As a result, Secure is entitled to the return of $6.9 million it paid in April last year.
Secure is 50% owned by Ariadne.
The Court of Appeal also made orders that the contractor pay Secure’s costs of the primary proceedings and the appeal.
Ariadne executive director Gary Weiss said following the reversal of such provision, it expects the net profit before tax attributable to members for the year to 30 June 2016 to be in the range of $10.2m to $11 .2m compared to the $4.0m loss reported for the previous year.
Australian Property Journal
