Babcock land lifts profit outlook

BABCOCK & Brown Residential Land Partners has upgraded its FY07 profit guidance.

Forecast net profit before tax increased by 130% to $3.25 million from guidance of $1.4 million provided on February 26, 2007.

Forecast net profit after tax increased by 47% to $2.8 million from guidance of $1.9 million provided on February 28, 2007.

BLP’s managing director Michael Balkin said this strong result demonstrates the model and quality portfolio of BLP’s portfolio of 6,500 lots.

“We have significant unutilised financial capacity to make accretive acquisitions in Australia and New Zealand, further diversifying the portfolio and strengthening the earnings profile in 2008 and beyond. BLP currently has a strong pipeline of projects under review and we are optimistic that we will soon be in a position to announce the successful resolution of a number of these.”

“Given the solid performance of the existing portfolio and the strength of our deal pipeline, we are confident about the future outlook for BLP,” he concluded.

Australian Property Journal