This article is from the Australian Property Journal archive
TRINITY Limited has returned to profit, delivering a small consolidated net profit of $0.65 million for the half year ended 31 December 2011, compared to a loss of $1.56 million for the previous corresponding period.
The company made a total comprehensive profit of $0.50 million for period, which is also an improvement from a loss of $3.30 million for the pcp.
CEO Craig Bellamy said that the half year result represented a steady improvement on the group’s performance as it continues to focus on improving asset performance and the rationalisation of non-core assets.
“The group has achieved significant progress since 30 June 2011 through the sale of the residual interest in the former Trinity Funds Management business and associated managed funds and the sale of the industrial asset at Richlands.
“The sales of these assets during challenging economic conditions fundamentally strengthens the group’s balance sheet,” he added.
“Although the group had performed well during difficult economic conditions, the prevailing economic uncertainty was significantly impacting the sales campaign at Cumberland Resort at Lorne.
“The group is likely to only achieve one sale as a result of the recent campaign which is a direct reflection of decreased consumer confidence and the depressed coastal property markets Trinity currently owns 41 apartments in the resort, as well as the conference centre and management rights,” Bellamy said.
Net Tangible Assets as at 31 December 2011 is 29.3 cents per security versus 28.6 cents at 30 June 2011.
Bellamy said the actual NTA per security has increased from 18.3 cents at 31 December 2010 to 29.3 cents at 31 December 2011.
Trinity will issue further guidance on the group’s strategy prior to 31 March 2012.
PropertyReview
