DESANE Group Holdings has unveiled an interim after tax profit increase of 153% to $2.9 million, largely due to the sale of the Easton Rozelle residential apartments project.
The company also announced a fully franked interim dividend increase of 12.5% to 2.25 cents per share.
Managing director Phil Montrone said the key drivers of this result were the realisation of the Easton Rozelle residential apartment project, a 29% reduction of the group’s debt and 100% occupancy across all of the property investment portfolio.
“The successful completion and sale of the Easton Rozelle residential apartments project and the strong income derived from its investment properties, has resulted in the group being able to reduce its bank borrowings by $12 million and retain approximately $17 million of free cash in its balance sheet.
“This in turn will allow Desane to undertake, over the next 6 to 12 months, the purchase of up to $50 million of residential and or industrial/commercial property investment,” Montrone said.
Australian Property Journal
