This article is from the Australian Property Journal archive
EUREKA Group has acquired its 12th village ahead of reporting a full year net profit after tax of $3.10 million, a 369% jump from $0.66 million in FY14.
Eureka will announce on August 25 a revenue of $12.21 million, which is up 14.5% from last year. EBITDA increased by 173% to $4.13 million (FY14: $1.51 million).
In addition, Eureka will book an additional one off investment property revaluation gain of $0.87 million.
Eureka has celebrated its strong result with the acquisition of a 41 units plus a managers unit village in Rockhampton, Queensland for $3.25 million.
This village will be known as Eureka Cascade Gardens Rockhampton and will add annual rental revenue of around $490,000 bringing total village revenue to $840,000 and total village EBITDA to $550,000. Following the acquisition, Eureka will own 714 units comprising 12 villages, whilst managing a total of 1,485 units.
Australian Property Journal
