Finbar s Au apartment complex in East Perth.
Finbar's Au apartment complex in East Perth.

UPDATE 2.20pm: Finbar says it has reached practical completion of its Au apartment project in East Perth and settlements on the sale of units might boost its full-year profit guidance.

The company said it had secured $108 million in sales for the sold out project on Adelaide Terrace, which comprises 192 apartments, commercial lots and associated facilities.

Finbar holds a 45 per cent interest in the project through a joint venture arrangement and will derive a project management fee as well.

The company said the project was completed a month ahead of schedule, which could result in a boost to FY2014 earnings.

"If a large portion of settlements occur in the current financial year, then this in turn will have the effect of a material up-lift in our profit projection for FY14," Finbar said in a statement.

The company said it would update the market in early July.

Finbar shares closed up two cents, or 1.21 per cent, at $1.675.

The West Australian

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