Sunland has reinforced its profit expectations for the 2007 financial year despite softer market conditions in Australia.
Yesterday, Sunland’s chairman Terry Jackman said the 2007 financial year is expected to the 2006 year result of $72.3 million by 10% profit, reinforcing the profit guidance of $80 million.
Jackman said income from the overseas project management activities will start to flow through from 2007, with 2009 seeing a substantial increase in profit derived from the development income on key projects including D1 and Palazzo Versace.
“The board and management believe that within the next three years the group will derive an increasing proportion of its earnings from overseas projects, including the global rollout of Palazzo Versace,” he added.
Sunland has declared a final 6.25 cents dividend for the year, bringing the total dividend paid for 2005 to 12.5 cents fully franked.
By Nelson Yap
