Diploma Group posts $10m profit

Belmont-based Diploma Group has recorded a $10 million net profit after tax for the 2010 financial year, up from $2 million for the previous corresponding period.

The profit was recorded on revenue of $207 million, up 45 per cent on 2009.

In its 2010 annual report managing director and chief executive officer Nick Di Latte said the figures were a record for the group.

"I am happy to report that we end year in a strong position, despite beginning it in the midst of the global financial crisis," he said.

"Importantly our success this year will set the groundwork for the growth of the company over the coming three to four year," said Mr Di Latte.

Over the 2010 financial year Diploma was successful in raising $15 million.

Diploma also completed four major residential and commercial property developments and purchased two major development sites.

Diploma Group declared a final dividend of 1 cent.