15/02/2010 - 11:37

Diploma H1 profit surges to $5.3m

15/02/2010 - 11:37

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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.

Diploma H1 profit surges to $5.3m

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.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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