THE Tasmania Development Corporation managed Sabina Corporation has announced a 98% fall in FY08 profit.
The company has booked a net profit of $21,000 for the year ended June 30. revenue for the year dived 72% to $254,000.
No dividend was declared.
The company said construction on the UniVillage development was delayed during the year as the unit trust experienced difficulties in obtaining suitable construction finance.
Accordingly, expected project management fees were not earned during the current financial year.
Sabina is the project manager / developer of the UniVillage development in Launceston. Construction is expected to commence in the current quarter and the completion of the development is expected to take 15 months.
The directors expect ongoing revenues from the UniVillage Unit Trust. Operational costs are not expected to increase.
Australian Property Journal
