DIVERSIFIED investment company CVC Limited has reported a net after tax profit of $30.8 million for the year to June 30 2007.
CVC’s strong profit performance, up 32% from last year’s net after-tax profit result of $23.3 million, was achieved on group revenue of $42.3 million, compared to $35.1 million in the previous year.
The company has continued to enhance earnings per share performance, with a 25% increase to 23.9 cents per share compared with 19.1 cents for the year ended June 30, 2006. Net assets per share also increased 40.6% to $2.01 per share.
CVC Limited’s chief executive Sandy Beard has forecast a $35 million NPAT and a full year dividend of at least 12 cents per share for 2008.
“This solid profit result reflects a positive, across the board revenue contribution from all investment segments including property, private equity, listed investments and funds management,” Beard said.
In February 2007, CVC realised a $9 million profit following the signing of the development agreement for the
In May 2007, CVC committed to provide $35 million in mezzanine finance to property developer, Sakkara Group to fund an industrial development and refurbishment and residential development in the inner-city
In November 2006, CVC entered into a joint venture with listed diversified development group Trinity to manage an existing listed property fund. This transaction involved Trinity acquiring a 50% stake in CVC Trinity Property Managers Limited, CVC Limited’s Responsible Entity for the listed CVC Trinity Property Fund.
CVC Trinity Property Fund increased its unitholders’ funds by $14.5 million during the year, highlighted by the acquisition of the Belrose Lifestyle Retail development site which realised a $2.4 million profit. The development has an end value of approximately $60 million.
“With $2.6 million of new funds raised, the fund is capitalising on the rapidly growing investor interest in profitable, environmentally sustainable companies,” Beard concluded.
A final dividend of 6 cents has been declared, bringing the total dividend for the year to 15 cents – up from 6 cents last year.
Australian Property Journal
