FOLKESTONE Limited has booked a lower profit result for the year ended June 30.
During the period, Folkestone delivered a net profit after tax of $3.1 million – 27% below last year’s $4.3 million.
Managing director Oscar Guglielmi maintained the said the 2008 result was very credible considering the material impact to last year’s result from the impact of the early sale of the
Earnings per share in 2007-2008 was 10.1 cents compared to 14.2 cents previously.
“When the two years are considered as a whole, earnings per share totalled 24.3 cents and generated an average return on shareholder funds of more than 16%,” he added.
The directors have declared a final dividend of 3.5 cents per share – taking the total return to 6.5 cents, the same as last year before the special dividend of 1.5 cents per share which recognised the above average result for that period.
Guglielmi said the current market conditions will continue throughout the 2009 financial year.
“Folkestone will continue to take a cautious and selective approach to new property acquisitions and devote its resources to adding value to its current development projects.
“Based upon the timing of our current development plans, the 2009 earnings are forecast to be lower than 2008. Whilst it has become increasingly difficult to predict outcomes in the current market, the Directors believe that Folkestone is well positioned to be able to complete existing projects with its available resources and to maintain its current level of dividends in 2009,” he concluded.
Australian Property Journal
