15/01/2014 - 12:34

Finbar anticipates half-year profit growth

15/01/2014 - 12:34

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Apartment developer Finbar has issued half-year after tax profit guidance of about $19 million, a figure that represents a $5 million increase on the previous corresponding period.

Finbar managing director Darren Pateman (left) at the company's annual meeting in November last year.

Apartment developer Finbar has issued half-year after tax profit guidance of about $19 million, a figure that represents a $5 million increase on the previous corresponding period. 

Finbar has maintained profit guidance of about $31 million for the 2014 financial year but says this figure could end up being higher if settlements occur at its $107 million Au apartment project before the end of FY14. 

The Au development, on the corner of Adelaide Terrace and Hay Street in East Perth, is due to be completed this financial year.

Its 192 apartments and two commercial lots sold out off-the-plan in April last year.

"If, as the second half progresses, it becomes sufficiently definite that Au settlements will be achieved in FY14, then the company will provide further guidance as the additional revenues will likely result in a material increase in profit for the financial year," the company said.

Finbar recorded its seventh consecutive year of profit growth in FY13, delivering profit after tax of just more than $31 million.

The company's shares were steady at $1.58 at 12:31pm WST.

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