- Posted twenty-fifth consecutive year of profits despite pandemic uncertainty
- Net profit after tax $4.023M, cash levels of $31.5M
- Controversial Civic Heart project commenced in February 2021
Western Australian company Finbar recently announced its half-yearly results to the ASX.
Despite buffeting by COVID uncertainty and the controversy surrounding Finbar’s Civic Heart project in South Perth, the company turned a $4M profit.
The company made praises about the twenty-fifth consecutive year that has produced a profit, Finbar Managing Director, Darren Pateman said in a statement “We are seeing the gradual return of investors to the market, buoyed by the ongoing low interest rate environment and the record low vacancy rates currently being experienced across Perth and the Pilbarawhich is helping to strengthen yields.”
Finishing the year with $31.5M in cash and ongoing strong cash flow, the company is looking forward to a strong finish for the financial year.
With construction commencing in South Perth, and low remaining stock in other established developments, Finbar said its Dianella project is expected to be completed about a year from now.
The company is hopeful of a fruitful market in the months and years to come, Mr Pateman said “Perth’s property market is really beginning to gather momentum after years of sluggish growth and low supply.”
Finbar closed at $0.925 this afternoon.