Western Australia’s strong property market has boosted developer Port Bouvard Ltd, with its half year result up almost threefold to $18.2 million.
The profit for the six months ending December 31, up from $6.6 million in the previous corresponding period, comes on the back of surging land sales as revenue grew to $42 million for the half compared to $24.5 million.
The strong half comes with the developer recognising only a $4 million contribution from the $20 million sale of The Cut golf course to interests associated with Englishman John Kelly, which was due to have settled in December.
The $4 million includes an additional $3 million deposit paid to extend the settlement date. It was part of $26 million of purchases made from Port Bouvard by Mr Kelly in the middle of last year.
The company has also included $500,000 deposit on the Port Bouvard Marina which sold for $6.1 million. All the deposits were non-refundable.
The strong revenue was reflected in land sales with 62 recorded for the period, compared to 23 previously. The sales were made by Port Bouvard Real Estate, which the company sold last month.
Port Bouvard managing director Ross Neumann’s statement was very much low-key given the buoyancy in the market and his company’s ability to capitalise on that.
“The property market has continued to be strong in the last six months and Port Bouvard has continued to experience high demand,” Mr Neumann said in the statement.
“New releases of land have sold quickly and the prices being achieved continue to rise.”
