Brief 2006 annual profit results from Cheviot Kirribilly Vineyard Property Group, Rabinov Diversified Property Trust, CEC Group, Esplanade Property Fund, and Wentworth Holdings.
Rabinov profits up 401%
Rabinov Diversified Property Trust has ported a net profit of $26.5 million for the year to June 30, 2006 – an increase of 401% over $6.6 million in 2005.
Over the year, the trust’s revenue was $16.6 million, up 35.7% when compared to $12.8 million in 2005. The strong profit result was due to a revaluation gain of $19.2 million in 2006 compared to 625,000 in 2005.
During the year, the trust increased in net assets by 45.5% to $64.85 million, increased its property portfolio to $235.4 million and increase in property rental income of 35.75%.
RDPT has announced total distributions of 11.08 cents per unit, 84.55% tax advantaged.
Cheviot shows promise
Cheviot Kirribilly Vineyard Property Group has posted delivered its maiden net profit after tax of $6 million for the year ended 30 June 2006.
CKP which only started its operations on May 03 2006, owns and operate vineyard property group in Australia.
The group has $46 million assets under management, including 857 hectares of high quality, modern vineyards producing in excess of 7,500 tonnes of premium cool climate grapes annually.
The company’s revenue from grape receipts of $9.8 million for the 2006 financial year.
CKP said it has anticipated distribution / dividend of 8.5 cents per stapled security – comprising a pre-tax distribution of 3 cents per unit from the Cheviot Kirribilly Vineyard Property Trust and a fully franked dividend of 5.5 cents per share from Cheviot Kirribilly Vineyard Property Limited.
Raptis profits up despite revenue fall
Raptis Group has delivered a strong annual profit of $9.5 million for the 12 months to June 30, 2006 – up 80.1% over $5.2 million in 2005.
The result was recorded despite a 7.6% fall in revenue to $156.7 million.
During the year, Raptis settled the purchase of the Sheraton Mirage Resort on Seaworld Drive, Surfers Paradise for $82 million.
In April 2006, a controlled entity entered into an agreement to explore development opportunities with
Cromwell Corporation Limited to develop the Forum complex in Orchid Avenue, Surfers Paradise.
In December 2005, the retail and commercial component of the first tower at “Southport Central” was completed. The 268 residential units in this tower were completed in August 2006. The second 40 level tower comprising a mix of ground floor retail, commercial office space to Level 9 and a 262 residential unit tower commenced construction in July 2006.
The company’s diluted EPS was 14.39 cents and it has declared a final dividend declared of 5.0 cents per share taking the total dividend to 10 cents for the 2006 financial year.
CEC profits rise but below forecast
Civic construction and property development company CEC Group has posted a net profit after tax of $7.9 million for the year ended June 30, 2006 – an increase of 239.8% over last year.
CEC’s chief executive Roy Lavis said several factors have influenced the group’s result which is just below the forecast profit range of $8.6 million to $9.1 million.
“There factors were predominantly audit adjustments in the vicinity of $1 million. We are pleased with the results, especially considering some of the climatic challenges faced in North Queensland from March till June 2006,” he added.
During the year the group’s revenue rose 141% to $110 million.
Looking ahead, Lavis said the group is extremely positive about 2007.
“Our property development business remains buoyant, with strong demand for residential land, particularly in the southern growth corridor of Cairns where the majority of our land bank is located.
“There are no indications suggesting any kind of downturn similar to that being experienced in the south east corner of the state,” he added.
CEC is expecting a NPAT in the range of $10-$11 million in 2007.
CEC has declared final dividend of 6 cents, taking the total dividend to 10 cents for the 2006 financial year.
Esplanade profits up 137%
Esplanade Property Fund has booked a net profit of $687,000 for the year ended June 30, 2006, up 137.9% over last year and 127% ahead of forecasts in the March 2006 capital raising.
Over the 12 months, the fund’s revenue fell 74% to $1.2 million.
As at June 30, 2006 the fund had net assets of $19.3 million and no bank debt. NTA per share was 20.3 cents per unit.
The fund has upgraded distribution forecasts for 2006-07 by 11% from 1.44 cents per unit to 1.60 cents per unit.
EPF said the strong result was primarily driven by an above budget contribution from the funds investment in Aspen Dunsborough Lakes Limited.
The fund raised $16.2 million during the financial year, which was used to purchase two cornerstone investments including $8 million for a 20% interest in Aspen Dunsborough Lakes Ltd and an $8 million investment in the Abacus Storage Fund.
Wentworth profits but no dividend
Residential property manager Wentworth Holdings has booked a net profit of $55,102 for the 2006 financial year, a turnaround when compared to a loss of $2.5 million in 2005.
The company’s revenues from property management grew from $1.6 million to $4.4 million, and revenues from real estate sales went from $nil to $675,869.
In addition, revenues from management rights also went $nil to $3.6 million.
Over the year, the company’s properties under management rose from 2,200 to 5,000 units, with properties in Queensland, Victoria and New South Wales.
WWM said the board has already forecasted a group EBITDA of $9 million for the 2006/2007 Financial Year.
No dividend was declared for the year FY2006, compared to a loss of 84 cents in 2005.
By Adam Parsons
