29/08/2012 - 11:06

Finbar lodges $28.3m profit

29/08/2012 - 11:06


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Finbar lodges $28.3m profit
Finbar managing director Darren Pateman.

Apartments developer Finbar Group has delivered a sixth consecutive year of earnings growth, lodging a $28.3 million net profit for the year ended June 30.

Finbar announced today an 18 per cent increase in net profit, on the back of $92.8 million in revenue, up from $54 million the previous year.

The company said it would pay a 9 cent per share fully franked final dividend.

Managing director Darren Pateman said Finbar had benefited from reduced competition, flat construction costs and a strengthened brand position, which all helped to ensure that projects completed in FY12 had been effectively sold out.

“Finbar has used the softer market cycle to secure new project opportunities at attractive raw development land values to bolster our future pipeline and focus on our expansion into the Pilbara region where we have now completed the first stage of our Karratha project and managed to secure a substantial site in Port Hedland,” Mr Pateman said in a statement.

“Finbar is well positioned to benefit substantially from improving confidence levels and the return to the market of the property investor, which are currently having a noticeable impact on sales rates across all projects.

“This activity has underpinned the construction commencement viability of $365 million of new projects which we will have kicked off between now and the end of September.”

Mr Pateman said the group was confident of further profit growth in FY13.

At 10:45AM, WST, Finbar stocks were down 1 cent, trading at $1.00. 


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