This article is from the Australian Property Journal archive
RUDY Koh’s listed property company Phileo has posted an interim loss of $5.66 million, down 307% from the previous corresponding period.
The decrease in profit was largely due to the profit from sale of the land not recognised during the period, whereas in the prior period, the profit result included the sale of the development site, Rocklea Homemaker Centre in Bendigo.
Other factors included selling agents commission and legal fees of $2,383,000 incurred for the sale of the land; a discretionary bonus of $5,000,000 paid to executive director Alfred Sung; lower profitability from the hotel operations and increased expenditure on development properties.
Phileo’s sole commercial property, 303 Collins St in Melbourne’s CBD, also contributed a lower rental income of $4,158,000 (2016: $4,490,000) and profit before tax of $955,000 (2016: $613,000).
The company said this is due to the occupancy rate at 303 Collins St falling from 73% for the period ended December 2016 to 67% for the period ended December 2017. Subsequently, new leases have been signed, boosting the occupancy rate from 67% to 75%.
No interim dividend was declared for the half year.
Australian Property Journal
