CANBERRA-based developer CIC Australia has delivered a net profit of $12.4 million for the 2011 full year, up 24% on last year's $10 million.
The company paid a final dividend of 3 cents per share taking the total dividend to 4 cents for 2011, unchanged from last year.
The company said in a statement that is has maintained a high level of pre sales in most developments, so far in 2012, it has had 629 (group share 323) unsettled sales totalling $168.9 million (group share $93 million).
However CIC said the company’s main ongoing constraint is access to bank debt funding and the tightening of loan to valuation ratios requiring most projects to be far more capital intensive.
“In the current economic climate, CIC accepts that previous levels of gearing are no longer achievable nor desirable. The other constraint in the shorter term is the continued concern about the impact of what might happen in Europe leading to overall poor consumer sentiment in Australia,”
PropertyReview
