This article is from the Australian Property Journal archive
PERTH apartment development Finbar Group has posted a 29.10% fall in full year profit to $25.9 million after revenues fell 67.53% to $89.36 million in FY15.
Finbar managing director Darren Pateman said the company is expecting a better result in FY16.
“However, the timing of our project completions will be hard to predict which will ultimately impact on our reported profit.
“Based on our current pipeline of projects under construction and completed stock for sale, Finbar is anticipating improvement in the FY16 profit and will provide guidance closer to the end of the financial year.
“Finbar remains most confident that the existing and recently refreshed $2 billion project pipeline is consistent to meet the group’s growth targets as we continue to benefit from our unique cost advantages, robust sales across multiple projects and industry leading profit margins,” he concluded.
Australian Property Journal
