22/02/2010 - 10:26

Aspen reports profit turnaround

22/02/2010 - 10:26

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Aspen Group has returned to the black with the property developer and funds manager today reporting a net profit of $12.9 million for the first half of the 2010 financial year.

Aspen reports profit turnaround

Aspen Group has returned to the black with the property developer and funds manager today reporting a net profit of $12.9 million for the first half of the 2010 financial year.

The company had reported a net loss of $42.8 million in the previous corresponding period, reflecting the slump in the property market at the time.

Aspen's operating profit before tax was up 5 per cent to $13.3 million, which was in line with expectations, managing director Angelo Del Borrello said.

"The results reflect the strength of our rental income from the investment property portfolio, and the improved performance from our residential estates within the funds management division that have experienced a return of buyers to the residential sector," he said.

"The delivery of these results and further improvement across property sectors provides the Group with a sound platform moving into the second half."

Revenue for the period was up 4 per cent to $36.3 million.

Aspen declared an December quarter interim distribution of 1.05 cents, taking the period's interim dividend to 2.1c, down from 5.9c that was distributed in the previous corresponding period.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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