This article is from the Australian Property Journal archive
AFTER posting a loss of $5.17 million in the previous half year, PBD Developments has returned to black, booking an interim underlying profit result of $7.14 million.
The group reported a statutory profit after tax of $5,583,000 compared to a loss of $10,835,000 in the previous corresponding period.
The company reported revenues of $26.160 million (2014: $0.021 million).
CEO Jally Lin attributed the profit was as a result of completing construction and substantially settling Bridgeview in New South Wales and continuing to progressively settle lots at SeaSpray in Victoria.
“Management continues to focus on the sales and delivery of existing projects, sell-down of its legacy assets and assessing new opportunities which meet the company’s investment criteria of eastern seaboard medium to high density residential developments,” Lin said.
Over the next 12 months, PBD will see the completion of four of its projects (excluding Point Grey and Lot 370), as well as settling all remaining Oceanique apartments.
Australian Property Journal
