PUBLICLY listed property developer Menzies Court is hoping to achieve an end of year result higher than its own forecast.
In the three-month period to September 30, the company sold 78 lots bringing in $14.4 million in sales from its Port Bouvard development south of Mandurah.
Managing director Ross Neumann said sales at the 274-hectare ocean, canal and golf development fronting the Dawesville Channel were beyond what was expected in a traditionally quiet quarter of the year.
He said the latest figures compared favourably with written sales of $33 million for 233 lots during the last financial year.
The revenue, up $14.5 million on the previous year, helped record a before-tax profit of $10 million for the financial year – up nearly 34 per cent on the previous year’s total of $7.6 million.
Demand for property, together with planning changes, had seen the company’s asset value increase $15 million during the year to about $80 million.
Mr Neumann said the strong sales, despite the introduction of the GST and recent interest rate rises, reflected the company’s single-minded determination in developing the property.
He said St George Bank had approved a $40 million facility which meant the company could complete stage five at Northport in Port Bouvard and fund stage one at Stirling Lakes.
