Peet & Company has upgraded to its after-tax profit for FY06 to $36.4 million – an increase of approximately 15% on the previous financial year and 10% above its previous guidance.
Peet’s managing director Warwick Hemsley said continuing strong conditions in Western Australia and an emerging positive trend in Peet’s other major markets of Victoria and Queensland had contributed to the uplift in forecast earnings.
Yesterday, Hemsley said the company remains committed to its funds management model and has recently closed early and over subscribed its Peet Byford Syndicate Limited capital raising for a broadacre land parcel at Byford in the south east corridor of Perth.
The Peet Byford Syndicate was closed oversubscribed raising more than $8.5 million for a 19.7-hectare parcel of land in the Perth suburb of Byford.
In the next few weeks, Peet will be launching a new $20 million land syndicate – Peet Cranbourne Central.
The syndicate will invest in the development and subdivision of a potential 706 lots in the south-eastern suburbs of Melbourne.
In February, Peet & Company reported a net profit of $17.1 million for the half year to December 31, 2005.
During the six months, the company sold more than 1,300 lots, grossing over $193 million across the group, including managed entities for the half-year.
Peet shares closed 10 cents higher to $3.85 yesterday.
By Kathryn O’Meara
