The West

Finbar s Pelago West apartments in Karratha.
Finbar's Pelago West apartments in Karratha.

UPDATE 2pm: Apartment developer Finbar has posted a record first-half profit of $18.9 million, up 34.5 per cent on the previous corresponding period.

The result was achieved on revenue of $134 million, up 116 per cent.

The company declared a four-cents-a-share, fully franked, interim dividend, up from 3.5 cents previously.

Finbar said it held cash of $64.1 million at the end of December, which it planned to use to fund further growth.

The record result was driven by the settlement of apartments at the company's Pelago project in Karratha and the St Marks project in Highgate.

Managing director Darren Pateman said Finbar continued to seek new projects that met disciplined criteria with a view to strengthening the company's project pipeline for 2017 onwards and securing continued long term growth.

The company had a $2.24 billion project pipeline at the end of December.

Finbar reaffirmed its previous full-year guidance of an after tax profit of about $31 million.

Shares in the company closed down two cents, or 1.18 per cent, at $1.68.

The West Australian

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