Another profit for Finbar International

Ltd has posted its fifth consecutive year of profits with a pre-tax and abnormals result of $4.41 million on sales of $30 million.

Down on last year’s record results, the company is still happy with the results in light of the significant price hikes in labour and materials during the lead-up to the GST.

Finbar looks likely to maintain the 3¢ dividend to shareholders paid last year.

The sell-out of its Wellington Place project in East Perth and the sale of 54 of the 68 apartments in the adjoining Wellington Rise development underpinned Finbar’s results.

Combined, the projects added $20 million to the company’s bottom line sales.

Added to these were off-the-plan sales of $14 million from its 12-storey Bluewater apartments in South Perth, which is due to be completed in July.

Company secretary Darren Pateman said the board expected market activity to remain subdued in the first half of the financial year as a result of the building and buying frenzy that preceded the introduction of the GST.

“Our strategy has been to underpin medium density development opportunities by positioning the company to be able to acquire sites for development over the next five years,” he said.

“We have taken the view that WA’s level of economic activity will continue and possibly strengthen in coming years, and as such the current market slowdown should be relatively short-lived.”