closed airport gate border sign
Source: Canva
  • Profits dropped more than 500% to just under $700,000
  • Revenue also down by 61%, only $3.6M
  • Government grants received totaled $754,000

Property development and hotel management company International Equities Corporation L (ASX: IEQ) released its half-yearly results to the ASX today.

The company suffered big losses across the board, with revenues from ordinary activities down 61.1% to $3.606M, from $9.27M in the previous corresponding period.

Profits also collapsed, IEQ net profits for the half-yearly down 508.7% to $658,000.

In its ASX release, IEQ reported interim dividend as not applicable, with net tangible asset backing also down, now $0.0612 from last periods $0.0792.

The company reported revenue through to 31 December 2020 included $754,000 in government grants, with tourism bringing in the most revenue at $2.522M.

Leasing and rentals drew $302,000, with property development revenue down a massive $346,000 to $28,000 for this reporting period.

IEQ reported the tough situation in Victoria was a major factor in the losses, with closed domestic and international borders also playing a role.

The company is currently trading at $0.035 on the ASX.

You May Also Like

Westpac sees rates hitting 4.1 per cent and property prices falling further

Westpac said, “2023 will be another challenging year, particularly as the RBA continues to ratchet interest rates higher.”

Home loan hacks: four way to save money on your mortgage

With interest rates expected to keep rising, Compare Club has tips to ease the mortgage pain.

CoreLogic’s guide to navigating a looming ‘fixed-rate cliff’

Many borrowers will feel mortgage pain when they next refinance

How much does it cost to move house?

From cleaning fees to moving services, the costs of moving houses can add up fast

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.