Finbar up on 15pc profit hike
Finbar shares were firmer after the apartment developer forecast a 15 per cent jump in full-year profit to about $36 million.
The company also declared a final, fully-franked dividend of six cents a share, bringing its annual payout to 10 cents a share, up 5 per cent on the previous year.
Finbar said the profit result represented its eighth consecutive year of profit growth.
The company said it had ended the financial year with about $61 million in the bank to fund working capital and future growth.
Managing director Darren Pateman said FY2014 had been a solid year for Finbar with some late settlements at the company's Au project in East Perth helping it improve on the previous year's results.
"Furthermore, we are delighted to have experienced a very strong year for commencing new projects as a result of a robust metropolitan sales market," he said.
"With our strong balance sheet and record cash position, we are very well positioned to continue reviewing our most favoured new opportunities while providing us with the confidence to secure our future growth."
Finbar shares were up 3.5 cents, or 2.15 per cent, to $1.665 at 9.30am.
