28/02/2006 - 21:00

Peet set for $35m profit

28/02/2006 - 21:00

Bookmark

Save articles for future reference.

Listed Western Australian developer Peet and Company Ltd has announced a strong half-year profit of $17.1 million, up 67 per cent from the same period last year.

Listed Western Australian developer Peet and Company Ltd has announced a strong half-year profit of $17.1 million, up 67 per cent from the same period last year.

Managing director Warwick Hemsley said the company was well on track to deliver a previously advised full-year net profit after tax of $34.8 million.

Peet also has offices in Melbourne, Brisbane and, most recently, Sydney.

“Expansion and diversification of the group’s business activities are on track,” Mr Hemsley said.

“A range of new land acquisitions have been made and new syndicate capital raisings are among key drivers of business activity in the coming 12 months.”

Mr Hemsley said the company was continuing to concentrate on broadening its income stream with its new Peet Income Property Fund and growing its asset base by actively looking for new acquisitions.

Peet currently acts as project manager and marketing agent for more than 40 land development projects in WA, Victoria, New South Wales and Queensland,” he said.

“The combined total number of lots still to be produced in the various estates represents over 26,000 residential lots.

“The subdivided sales of the remaining lots in these estates in today’s prices would realise in excess of $4 billion.”

An interim dividend of 7.5 cents per share fully franked has been declared, a 50 per cent increase on the previous interim dividend.

“We have a sound business platform, which is underpinned by conservative gearing well within the board’s target range, leaving ample scope for expansion as opportunities arise,” Mr Hemsley said.

He said Peet had made a range of recent land acquisitions in WA, Queensland and Victoria, with a view to offering further syndicate opportunities to investors.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options