PAYCE Consolidated has suffered a 75% decline in net profit for the first half year to 31 December 2011.
Payce delivered a net profit of $4.19 million for the six months period, down from $12.83 million.
The lower result was due to a 93% fall in revenue from $54.73 million to $4.37 million as a result of the sale of non-core assets and operating businesses.
Payce said funds raised from the sales were used to repay its corporate facilities of $42.5 million.
The group also increased its cash position by approximately $4 million to $13.4 million.
No dividend was declared for the half year.
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