Finbar Group Limited (ASX:FRI) announced today that the company forecasts full year profit after tax of approximately $25.5 million for the financial year end 30 June 2015. The company is pleased with the result as the timing of construction and completion cycle provided less assistance to the reported net profit.
Finbar is a Perth based apartment and commercial property developers. The company’s core focus is developing medium to high-density residential apartments and commercial properties as well as office buildings to secure future annuity income that can be used to supplement core residential development income.
Finbar completed FY15 with a record financial year end cash position of approximately $69 million. This record cash position ensures the comannys is well capitilised to funds its current pipeline of large scale projects where construction is underway. Finbar is al preparing to launch the sales of its largest single stage project to date, the 38 level Civic Heart project located in South Perth with an end project value of more than $400 million.
MD, Darren Pateman, commented: “FY15 has been a repectable year for Finbar with second half completions of the Subi Strand and Toccata projects bolstering our full year results. Nonetheless, each prject complted this financial year has stood on its own merits bu achieving a strong profit margin and contributing to the company’s overall profitability”
As a result of another succesfull financial year, Funbar announced today a final dividend of 6 cents per share. Combined with the 4 cent interim dividend paid in April 2015, this dividend maintains an annual dividend of 10 cents per share for FY15.
Finbar has experienced a steady but significant decline in its share price over the last 18 months. After reaching a peak in April last year of $17.70, its price has declined to $12.60 at close of trading on Friday. After this morning’s announcement the company’s share price has climbed 2.4 per cent in the first 20 min of trading.
Author: Ben Visser
Jul 27, 2015
Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.