This article is from the Australian Property Journal archive
CP1 Limited said yesterday it does not expect to make a net profit after tax for the FY08.
The announcement is a complete 360 from the company’s statement in October last year, when it said, “it (CP1) did not consider that the financial performance of the company over the full financial year ending June 30 2008 would be significantly different to 2006/07,”
CP1 posted a NPAT of $36.8 million in FY07.
CP1’s company secretary Lee Danahay said in past years, the company has achieved sales of land parcels at Martha Cove which generally settle in the last quarter of the financial year.
“Whilst the company has been pursuing a number of these transactions that if successful will in the board’s view produce appropriate returns for the company, it is now unlikely that any of these transactions will be completed on or before June 30 2008.
“On this basis, the board does not anticipate that the company will make a net profit after tax for the year ended June 30 2008,” he added.
Meanwhile, CP1 has appointed Theo Axarlis as chief operations officer.
Axarlis comes to CP1 from Baron Corporation, where he held the position of manager – commercial and legal for eight years. A former solicitor with a leading Melbourne law firm Macpherson and Kelley, he has a strong background in construction, commercial and property law.
In July last year, Daniel Grollo’s Grocon bought a 17.9% stake in CP1 from City Pacific for $34 million to the Grocon entity leaving City Pacific holding 30.6% of the issued shares in CP1.
CP1’s share price closed 2 cents lower at 17.5 cents.
Australian Property Journal
