This article is from the Australian Property Journal archive
SUNLAND continues to wind down its operations in the first half after it proposed to delist from the ASX.
The half-yearly report showed that Sunland achieved a net profit after tax of $20.6 million (1HY 2022 $35.9 million), earnings per share of 15 cents, net tangible assets per share of $1.69.
The result comes after Sunland announced plans to exit the public arena.
Sunland’s multi-storey segment contributed significantly to the results as the Sunland group strategy continues to pay off.
The settlements of 272 Hedges Avenue on the Gold Coast as well as the group’s medium density housing development, Montaine Residences in Sydney had a big impact on the results.
The settlement of inventory which is not under development in accordance with the strategy also affected the half year result. This included the settlement of the group’s Marina Concourse commercial holding at the Gold Coast.
The cash generated by Sunland has given them more breathing room of their debt managed by FIIG Securities Limited – an action which they performed on their first option redemption date.
Sunland also paid fully franked dividends attributable to the financial year on three separate occasions, totalling 105 cents per share.
In the half-yearly report, Sunland has also provided an update on the capital management and strategy of the group.
“Sunland directors will manage capital requirements to satisfy remaining obligations of the group, including the final delivery of the active projects, as well as operating obligations such as staff salaries, employee entitlements, necessary operating expenses, maintenance of completed projects, ongoing defect rectification as required and in accordance with legislation, contingent liabilities that may crystallise and costs that may be incurred in ultimately finalising the strategy.”
