This article is from the Australian Property Journal archive
DEVELOPER Payce Consolidated has delivered a marginally lower full year profit after tax of $84.26 million, down 1.5% from last year.
The lower profit result was due to a 6.1% fall in revenue to $378.40 million down from $403.16 million.
The company did not declare an ordinary dividend during the current financial year whereas in 2015 in paid a total of $2.975 million.
Although the company declared and paid four quarterly dividends to preference shareholders, each of $0.1125 cents per preference share, totalling $4.460 million.
Managing director Brian Boyd said during the year the group maintained its development and property activities, progressing the development and sale of multiple sites and acquiring additional sites, including entering into a joint venture with Mirvac for the “East Village” retail commercial centre for $154.7 million.
Payce also acquired the adjoining industrial and vacant land in Melrose Park, Sydney taking its consolidated land holdings to 30 hectares, located 15km and 5km from the Sydney and Parramatta CBDs, respectively. Boyd said Payce is currently assessing long term development opportunities for the sites.
The number of acquisitions boosted Payce’s net assets from $193.8 million at 30 June 2015 to $275.8 million at 30 June 2016. During the year, the group’s total asset position increased by $352.0 million to $970.0 million at 30 June 2016, whilst total liabilities increased by $270.0 million to $694.2 million at 30 June 2016.
“The group continues to progress and assess appropriate development opportunities largely in New South Wales and Queensland, reflects a strong development
pipeline to be progressed over the medium / long term,” he concluded.
Australian Property Journal
