UPDATE 1.50pm: Apartment developer Finbar has issued a bullish first-half report, announcing it expects to exceed its record $28.3 million full-year profit from last year.
The company posted a first-half profit of $14.07, up from a loss of $654,000 in the previous corresponding period.
Finbar attributed the stronger result to revenue from its Pelago West project in Karratha and the settlement of remaining apartment stock at its Perth projects.
The company said the second half has begun strongly with continuing sales and settlements from the Pelago West, Lime and Adagio apartments.
"Sales levels on completed stock and soon to be completed projects help to provide confidence in reaffirming the company's guidance that it is likely to exceed last year's record net profit of $28.3 million," Finbar said.
"The ongoing nature of the sales campaigns for these completed lots makes it difficult for Finbar to provide a more accurate guidance until later in June 2013."
Managing director Darren Pateman said the company was excited about its prospects in what appeared to be an improving market.
"This company is very well positioned to benefit immediately from increased demand as we have continued our development activity unabated…," he said.
"We are most certain there will be new opportunities to come in the second half as we bolster our FY16 and FY17 pipeline and secure the continued growth of this company."
The company will pay a fully franked interim dividend of 3.5 cents a share, in line with the previous corresponding period.
Finbar shares closed up four cents, or 3.05 per cent, at $1.35.