Finbar jumps on profit upgrade
Finbar jumps on profit upgrade

Shares in Finbar shot up after the property developer announced a 17 per cent full-year profit upgrade on strong sales and settlements at its two main projects.

The company lifted its full-year profit expectations from $24 million to $28 million.

Finbar said the upgrade was largely attributable to a strong level of sales and settlement conversions achieved at its recently completed 18 on Plain and Fairlanes apartment projects.

It also cited robust leasing take-up and valuation of the recently completed Fairlanes Office project which it planned to retain for investment income purposes.

Finbar said it had not included any revenue from its Pelago West project in Karratha which was likely to be completed later this month with first settlements expected in July.

Managing director Darren Pateman said the result highlighted the company's key focus of capitalising on its competitive advantages and building upon its strong WA market position in challenging economic times.

"Finbar stands to benefit substantially from improving economic conditions and the realisation of our first investment in the Pilbara early in the next financial year," he said.

Finbar shares were up 8.5 cents, or 9.19 per cent, to $1.01 at 9.35am.

The West Australian

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