Port Bouvard half year profits down 65% after restructure

Como-based property developer Port Bouvard Ltd has suffered a 65 per cent fall in profit to $6.4 million in the half year to December 31 2006, from the previous $18.2 million, after a significant company restructure.

The company's revenues were down 59 per cent to 19.6 million, and recorded 10.1 cents as its earnings per share - down from the 28.8 cents recorded in the previous period.

Port Bouvard purchase a number of residential development sites and announced plans to market and develop apartments at its Southport resort site, following a decision to continue in the property development business once the Port Bouvard and Princeton Projects were nearing completion.

Port Bouvard managing director Ross Neumann said in an announcement the company directors anticipated higher profit levels in the next three years.

"The board of Port Bouvard plans to develop the company through a long term co-investment property model targeted at partnering with other equity providers to develop land throughout Western Australia, rather than as a traditional property developer," he said.

A full study of the profit results of Port Bouvard Ltd, Cedar Woods Properties Ltd and Peet Ltd will be available in this week's WA Business News, available Thursday.