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Record profit

WA GOVERNMENT land developer Land-Corp posted a record pre-tax operating profit of $66 million for the past financial year.

This is the agency’s second successive record profit, following a $38 million return for the previous year.

LandCorp chairman Ross Hughes said the agency’s good fortunes started two and a half years ago when its governing Act was reviewed.

“It’s been two and a half years of pretty hard work, hence the build in performance,” Mr Hughes said.

“Plus this year we were ready to take advantage of the pull forward resulting from the GST.”

LandCorp CEO Ross Holt said a $19 million investment in regional projects could produce a further $100 million in revenue over the next five years.

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