Western Australia’s leading apartment development company, Finbar Group Limited (ASX: FRI) has delivered an after-tax profit of $10.975 million for the financial year ended 30 June 2022, in line with the guidance provided on 6 July 2022. The result represents an increase of 24 per cent over the previous corresponding period.
The improved profit was predominantly built upon the completion and settlement of 89 sold lots to the value of $41.5 million at the company’s wholly-owned Dianella Apartments project along with the sell down of all remaining residual residential lots across all other previously completed projects.
Sales and construction progress into FY23 has continued strongly with $40.3 million in sales being achieved in the financial year to date with significant construction progress continuing at AT238, Civic Heart, Aurora, and The Point projects.
Managing Director Darren Pateman said: “We are pleased to be reporting the improved result again this year given we continue to operate in a challenging construction market that has been largely offset by a robust sales market with stronger investor activity.”
