PORT Bouvard is pursuing non core assets sales after posting an 88% fall in profits for FY08.
In the 12 months to June 30, the company’s reported a profit of $3.23 million – revenue fell 63.5% to $23.46 million.
Chairman Michael Perrott said the profit for the year is in line with the expectations of the board and considered satisfactory in the current circumstances of the company and the market.
And now he said the board has taken the opportunity to including a number of non core assets which have been identified for sale.
The assets include the
“The company has also switched its revenue recognition policy, in line with recent industry standards and as required by the changes in the accounting standards, to a settlements basis.
“This means revenue will be recorded once sales are settled as opposed to the percentage of completion basis which recognised revenue as developments were completed,” he added.
Perrott said the board is mindful of the challenging short term outlook for the property industry and seeks to ensure the company’s financial position is as strong as possible.
“The board believes that significant opportunity rests in Port Bouvard Limited with the continuing undersupply of housing in
“It is important for the market to remember that 80% of the company’s land is currently moving through the required statutory approval processes and subsequently not yet available for sale. In light of this, the Board is satisfied with the results achieved in what is a challenging market but even more excited about the prospects that lie ahead,” he concluded.
PBD shares closed 0.005 cent lower at 44.5 cents.
Australian Property Journal
