23/02/2016 - 12:58

Diploma back in the black

23/02/2016 - 12:58

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Property developer Diploma Group has returned to the black despite a challenging six months for the business.

Diploma chief executive Nick Di Latte.

Property developer Diploma Group has returned to the black despite a challenging six months for the business.

Diploma posted a net profit to $600,000 for the six months to December, up 147 per cent on the previous corresponding period, while revenue surged 88 per cent to $88.5 million.

During the half year, Diploma generated $15.3 million in cash from operating activities, repaid $32.3 million in project-specific debt, and had no corporate debt.

It declared no interim dividend.

“The return on profit in the first half is obviously pleasing for the group, however delays in commencing third party construction work has unfortunately impacted the profit result for the first six months,” Diploma chief executive Nick Di Latte said.

“The commercial construction market continues to remain challenging, however our development arm successfully completed two projects during the period which has assisted the group’s cash position and earnings.”

Diploma has $115 million worth of work to complete over the next 18 months.

Shares in Diploma were unchanged at 1.1 cents each at the close of trade.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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