This article is from the Australian Property Journal archive
Eumundi Group has delivered a net profit after tax of $1.884 million for the six months December 31, 2005 – an increase of 39% when compared with $1.357 million for the corresponding period in 2004.
This result includes the net gain achieved on the sale of the Sunnybank Hills shopping centre of $2.562 million and continued positive performance from existing operations, as well as costs relating to the purchase of Banksia Beach shopping centre on Bribie Island.
Revenue from ordinary activities was $7.551 million, a fall of 25% represents a decrease of $2.543 million in comparison to last year predominantly due to the inclusion of Imperial Hotel trading in the prior years result. However, the cost is non-recurring as the Imperial Hotel was sold in January 2005.
Expenses for the year were $7.428 million as compared to $9.261 million for the corresponding period in 2004.
Of the decrease, $2.2 million relates to Imperial Hotel expenses in the prior half year, while $0.6 million additional cost has been reported in the current year relating to the write down of investment properties to fair value.
By Kathryn O’Meara
