SYDNEY based property group, Desane Group Holdings has swing back to profit, chalking up an after tax profit $937,381 for FY2012 compared to a loss of $2,065 last year.
Managing director Phil Montrone said the company has achieved a solid result given the continuing difficult trading conditions.
“Our management team has been disciplined and focused during the financial year, in improving the quality of the group’s property assets and in the retention of the existing tenants,” he added.
Montrone said key operational achievements for the year include total assets have increased by 2.4% to $45.65 million; 100% occupancy for all properties owned and/or managed; and debt servicing costs have decreased by 15%.
The group’s net tangible assets increased from 79 cents to 81 cents per share and resulted in net earnings per share of 3.1 cents. A 1 cent unfranked dividend per share has been recommended by the directors.
Desane shares rose by half a cent to close at 40 cents yesterday.
Property Review
