This article is from the Australian Property Journal archive
FOLKESTONE has continued go from strength to strength since recapitalisation four years ago, announcing a net profit after tax of $7 million for 12 months to June 30, up 122.6% on FY14.
This represents basic earnings per share of 1.1 cents, compared with 0.7 cents per share for the prior corresponding period.
Managing director Greg Paramor said the strong result was driven through the focused execution on Folkestone’s strategy to grow the funds management platform and undertake quality residential and non-residential developments.
Folkestone’s full year result includes $5.9 million of recurring fee income and cost recoveries generated from funds management.
“Since the recapitalisation of the company in March 2011, the company has focussed on increasing its recurring income so that it provides a stable funding source for the payment of the fixed operating costs of the business.
“Given the growth in our recurring income, our strong balance sheet and assuming no material change in market conditions, we are pleased to announce that Folkestone expects to pay a fully franked dividend of at least 0.5 cents per share in respect of FY16,” Paramor said.
Australian Property Journal
