WESTERN Australia apartment developer Finbar Group has recorded a net loss of $653,937 for the 1H 2012, which is inline with guidance.
The result was due to a lack of scheduled project completions, therefore revenue for the first half would be limited to settlements of remaining stock and investment income only.
Managing director Darren Pateman said despite recording a net loss, he expects the majority of reportable earnings for the current financial year to take place in the second half as the Fairlanes and 18 on Plain projects are settled.
“We remain confident that the completion of these two projects will result in the company producing an after tax profit of more than $24 million for FY2012 with continued profit growth into FY2013 as we realise our first returns from the strategic expansion into the Pilbara,” he added.
PropertyReview
