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  • Perth-based property developers Finbar achieved a profit of $11.37 million during the FY19, making it the company’s 23rd consecutive year of profit gains
  • The bulk of revenue for the fiscal year came following the completion of the East Perth Vue Tower. Apartments sold so far, totalled $89.5 million
  • Finbar’s share price remains the same as previous close, at $0.86 apiece

Perth based property developers Finbar made $11.37 million in profits during the 2019 financial year.

The company highlight it’s the 23rd consecutive year it has turned a profit, despite Perth’s despondent property market.

Managing Director of Finbar Darren Pateman said: “We are still operating in a very challenging local market where sales activity remains subdued and reacts almost daily to economic news that impacts on local confidence levels”.

“However, we are launching and completing projects with respectable margins despite these conditions with our focus on rapidly adapting products to suit the stronger market segments which have helped Finbar secure one in four of all new apartment sales in Perth this past year, Darren continued.

Finbar received $125 million in completed stock on completion of the East Perth Vue Tower. The company advises the stock is being sold down at roughly $5.8 million per month, debt-free.

Of the 250 units at Vue, Finbar sold 158 during the 2019 financial year at a value of $89.5 million. Of the remaining 92, 22 have been sold since the beginning of the 2020 financial year.

Going forward, the company’s 128 unit Palmyra project, near Fremantle, is approaching completion. Settlement for 69 apartments is expected during September. The units are worth a combined $52.7 million.

According to Finbar, its Sabina project in Applecross and One Kennedy project in Maylands is set to be completed during the 2020 financial year.

Shareholders will receive a final, fully franked dividend of $0.03 per share, bringing the fiscal year total to $0.06 each.

Finbar’s share price remains the same as previous close, at $0.86 apiece.

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