APN issued its first profit guidance yesterday and expects to deliver a net profit after tax of $16 million to $18 million for the year ended June 30, 2007.
This is the first profit guidance since the company’s IPO in June 2005.
For the year ended June 30, 2006, APN reported net profit after tax of $12.02 million.
APN said it has enjoyed a strong second half, buoyed by the continued growth of its funds under management, increasing values for direct property and listed property securities and additional “one off” fees from fund transactions.
“Directors are confident that the results for the second half will exceed the results for the first half.
“Although there are a number of matters yet to be concluded, the outcome of which may have a significant bearing on the final results for the current year, based on current management accounts and projections the Directors are of the view that profit after tax for the year ended 30 June 2007 is likely to fall within the range of $16 million to $18 million,” the company said in a statement.
Australian Property Journal
