This article is from the Australian Property Journal archive
QUEENSLAND hotel and investment property company Eumundi Group has posted a $1.408 net profit after tax for FY17, with a strong performance in its hotel operations offsetting a “disappointing” performance from its investment segment.
Total revenue for the year was up 5% to $24.232 million. Earnings per share was 4.03c, and total dividend 5.5cps.
“In contrast to the strong performance of the Group’s hotel operations, results from the investment properties (Aspley Arcade Shopping Village and Aspley Shopping Centre) were disappointing, particularly in the second half of the financial year,” chief executive officer Suzanne Jacobi-Lee said.
“Returns were down significantly following the loss of several large tenants in addition, a number of repairs to the buildings were necessary, and retail leasing was challenging with strong competition from nearby centres,” she added.
The group completed upgrades to its retail liquor premises at Aspley Central shopping centre in April, and retail liquor sales increased by 38%.
Aspley Central Tavern’s gaming revenues increased by 20% amidst continued upgrades, and its bar and bistro sales were up by 10% with a small margin reduction.
Ashmore Tavern saw gaming revenues increase by 6% and bar sales by 8%.
Australian Property Journal
