Great Southern Plantations 2005 plantation project has closed with sales of around $108 million from July 1 2005 to the closing date yesterday.
Great Southern Plantations 2005 plantation project has closed with sales of around $108 million from July 1 2005 to the closing date yesterday.
This represents an increase of approximately 70 per cent on the similar period for previous year's project.
Commenting on the significant increase in sales, Managing Director John Young said: "This is obviously a very good result and reflects that demand for Great Southern's managed investment products continues to be strong. It also highlights the strength of our distribution network, which continues to expand and provides increasing diversity and stability of sales."
"The sales announced today relate only to our plantations project. Notwithstanding the strong sales growth, our emphasis this year is very much on controlled growth in sales across an increasing product range, as part of our overall strategy and focus on capital management and quality and consistency of earnings. This year will see an increasing focus on Great Southern's income projects,
which are expected to provide an increasing proportion of total sales".
"These other projects are in increasing demand given the regular income they generate to investors, whilst at the same time providing capital efficiencies to our company" Mr Young said.
THE FULL MEDIA RELEASE APPEARS BELOW.
COMPANY ANNOUNCEMENT / MEDIA RELEASE
Tuesday, 28 February 2006
Revenue increases by 219% for the half year
Sales in plantations project up 70%
Great Southern Plantations (ASX code: GTP) is pleased to announce that the Great Southern
Plantations 2005 Project closed yesterday, with sales received between 1 July 2005 to date of
approximately $108 million. This represents an increase of approximately 70% compared to the
similar period to the previous project close last year
Commenting on the significant increase in sales, Managing Director John Young said: "This is
obviously a very good result and reflects that demand for Great Southern's managed investment
products continues to be strong. It also highlights the strength of our distribution network, which
continues to expand and provides increasing diversity and stability of sales.
"The sales announced today relate only to our plantations project. Notwithstanding the strong sales
growth, our emphasis this year is very much on controlled growth in sales across an increasing
product range, as part of our overall strategy and focus on capital management and quality and
consistency of earnings. This year will see an increasing focus on Great Southern's income projects,
which are expected to provide an increasing proportion of total sales".
"These other projects are in increasing demand given the regular income they generate to investors,
whilst at the same time providing capital efficiencies to our company" Mr Young said.
The company is also pleased to release its half year profit results for the period 31 December 2005.
The company's half year report (Appendix 4D) follows, and shows an increase in revenues of 219%,
which reflects the increased sales achieved during that period, as previously announced to the
market.
The company made a small loss after tax for the half year of $0.5 million, an improvement of 64% on
the previous year's result. The nature of the company's activities, with a majority of revenue received
and recognised in the second half of the financial year, means the half year result is never reflective
of the company's full year outlook. It should be noted that the results to 31 December do not include
all sales announced today. Moreover, the results do not include the recognition of some $150 million
of deferred revenue, the majority of which will be recognised in the results of the second half of the
current financial year.
The company has also announced an interim fully franked divided of 4 cents per share, payable on
12 April 2006.
For further information see www.great-southern.com.au or call:
John Young, Managing Director, Ph (08) 9320 9700
Cameron Rhodes, Executive Director, Ph (08) 9320 9700
David Ikin PR Manager, Ph (08) 9320 9700; 0408 438 772
