Apartment developer Finbar has forecast another record profit, its seventh consecutive year of profit growth.
Finbar said today it expected its net profit for financial year 2013 to grow by 10 per cent to $31 million.
The group said it also completed the financial year with $35 million in cash on hand, which will ensure it has sufficient capital to fund recent acquisitions and commence new projects.
Managing director Darren Pateman said FY2013 was a “financially sound” year for Finbar.
“Our strong balance sheet and cash position allow us to continue with our current level of development activities and secure new opportunities for our continued growth.”
Mr Pateman said the group expected to report a similar level of profit in FY2014.
The company will pay a final dividend of 6 cents per share, a 9 per cent increase on the previous year.
“This is the first year Finbar has benefited from the revenues related to our regional expansion and this exposure has contributed to our record annual profit,” Mr Pateman said.
“As such, the board feels that it is entirely appropriate to reward shareholders with an increase in the final dividend.”
At close of trade today, Finbar shares were up 2.26 per cent, at $1.36.