This article is from the Australian Property Journal archive
DEVELOPER Sunland (ASX: SDG) has successfully wound down its operations in the 2023 financial year, having completed or sold all of its developments.
SDG have posted a net profit after tax of $33.4 million for the full year period ending 30 June 2023, down on its FY22 result of $92.6 million.
Earnings per share were at 24.4 cents, down on 69.5 cents in FY22, with directors declaring a fully franked dividend of 11 cents per share.
The total value of fully franked dividends attributed to FY23 is 141 cents per share, including the final dividend of 11 cents per share.
Total operating revenue was at $256,481,00, down from $558,229,000 in Fy22.
Net tangible assets per share were at $1.19, down from $2.60 in FY22.
SDG also achieved a 28% development margin, surpassing the annual target of 20% return on costs.
Cash flow from property settlements for the period totalled $255.6 million, down from FY22’s $554.5 million.
Sunland has now completed the development of all of its projects, has sold all undeveloped inventory and has no further or active projects of material business assets.
Sunland announced its plans to delist from ASX in October 2022, completing projects and selling undeveloped inventory in June of this year.
