This article is from the Australian Property Journal archive
WESTERN Australian developer Port Bouvard said it is making a fresh start after posting another loss result for the 12 months ended June 30.
PBD announced a net loss after tax for the year of $25.7 million which is a slight improvement from the previous year loss of $28.91 million.
PBD chairman Lee Verios said the reported loss is primarily due to the accounting impairments and losses associated with the sale of the Gidgegannup project. The total asset impairment recognised by the company for the year was $19.2 million before tax.
By cancelling agreements to acquire further land at Gidgegannup the company has removed the future commitment of between $45-54 million. And last month, the company finalised its $60.2 million capital raising which will help reduce debt to St George Bank, provide sufficient short-term working capital and $32.2 million of funds for the development of the initial infrastructure and stage one of its flagship asset, Point Grey, near Mandurah south of Perth.
“The board believes that the company experienced a “transformation” which has given the company a fresh start to create sustained shareholder value.
“The company has during the reporting period made a number of difficult but necessary decisions to ensure our long term success,” he added.
“As a result of the audited asset impairment, the capital raising and the Gidgegannup cancellation agreement, consolidated net tangible assets per share is $0.23,” Verios said.
Verios said the company is also expecting to generate significant revenue over the coming 12-18 months from the sale of its remaining apartments at the Oceanique Luxury Apartment development, and from further disposal of non-core assets.
Australian Property Journal
