WRF continues transition

WRF Securities Ltd has acquired a new retirement project near Brisbane as part of its transition from a mining company to a profitable financial services group.

The Perth-based company has also repaid all debt and made an operating profit before tax of $8 million for the June 2000 fiscal.

The acquisition of the Scarborough Retirement Village, 30 minutes north of Brisbane, is a further step in expansion of its financial services division.

WRF Securities managing director Rob Nichevich said the project will complement the group’s blue gum project on Kangaroo Island and recent acquisition of the Paulownia Timber Management Group, which manages the largest paulownia plantation in Australia.

“The Scarborough project qualifies under the tax rules to enable the company to claim a tax deferral of some $14 million,” Mr Nichevich said.

“These recent acquisitions coincide with a period of strong growth for WRF which marks an important turning point for the company.”


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