DEVELOPER Port Bouvard Limited has reported a reduction in revenues and profits for the six months to December 31 2004.
The company’s interim net profit was $6.6 million, 16.5 per cent down from $7.9 million from the previous period.
Port Bouvard’s cash flow for the half-year period was $9.9 million compared with $8.7 million for the previous corresponding period.
Chairman Michael Perrott said sales volumes were on budget for the first half, in line with expectations.
“Sales are still at solid levels and selling prices at Port Bouvard continue to rise strongly,” he said.
“We are seeing prices for some properties at Port Bouvard having more than doubled in two years. There is every indication that prices for waterside blocks and built for properties in the Mandurah area will continue to hold up.
“However, the increased likelihood of interest rate rises during the second half may impact on the full-year results.”
Mr Perrott said about 80 per cent of the land at Port Bouvard had been sold, and that the final stages and resort development would deliver much higher margins than previous stages.