Finbar sees profits increase 55%

Property developer Finbar has posted a net profit of $18.9 million for the year to June 30, a 55 per cent increase from the previous year and it's expecting higher profit results this financial year.

The company said the result is "pleasing" in light of the challenging environment for the property sector.

Finbar said it had "adequately achieved" its objectives of ensuring construction and commencements of its pre-sold projects continued uninterrupted and protected cashflow by implementing strategies to ensure that default rates on these projects were kept to a minimum.

"The completion of four major projects that comprise 330 residential and commercial lots and presale contract rates maintained at a level that is not dissimilar to levels experienced in a stronger market," the company said in a statement.

Finbar has developed numerous projects in Perth including the Reflections apartment block on Terrace Road in East Perth and Fairlanes apartment block in the city.