This article is from the Australian Property Journal archive
PERTH developer Finbar Group has delivered a record net profit after tax of $36.5 million for the full year ended 30 June 2014.
This represents Finbar’s eighth consecutive year of earnings growth and a 17% increase over the previous corresponding period.
The biggest contributor to earnings were profits the St Marks and Pelago projects, along with joint venture projects at Ecco and Au.
Managing director Darren Pateman said the group has had a busy and successful year with robust apartment sales market supporting construction commencements for major projects.
“We also secured some terrific sites that we are confident will drive our sales growth as they move through the development process, which is becoming even more efficient as Finbar and the apartment market continues to mature,” he added.
During the year, Finbar secured seven new major metropolitan projects, adding 1,300 apartments to the development pipeline, with an end value of approximately $883 million.
“In terms of our FY15 financial performance and beyond, Finbar is mindful that the timing of our project completions and settlements will ultimately impact on each financial year’s profitability as it is at the point of construction completion and hand-over of the end product that the Company can account for revenue from pre-sales.
“As projects become larger, so too can the time gap for receipt of sales revenue increase and sometimes this may not fall perfectly in a reporting period to enable continued and steady reported growth. As a result, Finbar will provide profit guidance for FY15 closer to the end of the financial year,” Pateman said.
Property Review
