Diploma Group has increased its first-half net profit after tax by 462 per cent as re-emerging confidence in the property sector paints a robust outlook for the property developer.
The company today booked a net profit of $5.3 million, up from $900,000 reported in the previous corresponding period.
Earnings before interest, tax, depreciation and amortisation surged 287 per cent to $8 million while revenue jumped 95 per cent to $126.9 million, largely attributable to the settlement of the company's 22-level Sky Apartments, located on Adelaide Terrace in Perth.
"A 462 per cent increase in net profit after tax along with a combined forward order book in excess of $610 million positions the company extremely well for continued and sustained growth over the next 3 to 4 years," chief executive Nick Di Latte said.
"In addition to the excellent result, the company was able to generate net cash inflows from operations of $38.366 million, repay project specific debt of $45.133 million, secure additional project specific development finance in excess of $50 million and increase our corporate bond facility lines by $20 million."
Shares in Diploma climbed three cents to 43c at 14:13 AEDT.
