Peet forecasts $52m profit

Peet expects its profit to reach $52.3 million for the year to June 2022, as the value of its contracts total more than $930 million.

The national land developer behind residential estates in Brabham, Burns Beach, Carramar and Glendalough, has increased its exposure to the eastern states.

Peet managing director and chief executive Brendan Gore said in a brief update to the ASX today the group’s forecasts were in line with projections it announced in May 2022.

“The strategic rebalancing of the Group’s national portfolio to further increase its exposure to the east coast market is delivering strong results and provides a strong platform for future growth, underpinned by a portfolio of large low-cost projects,” he said.

Peet’s expected profit performance for this financial year equates to an earnings of 10.8 cents per share a final dividend of about 4 cents per share.

This would bring the total 2021-22 dividend to 6.25 cents per share, fully franked.

Peet’s share price was up 5.6 per cent to $1.04 at the time of writing.