Leading Western Australian apartment builder Finbar Group Limited (ASX: FRI) announced its result for the six months to 31 December 2019.
Finbar reported that its revenue increased by 56.2% to $53.4 million and its net profit after tax grew by 251.5% to $6.64 million.
The results were boosted by return to net positive value of Karratha and East Perth investment properties as well as the profits from the sale of completed stock and settlements at Stage 1 Palymra East, which marked the only project completion for the year to date.
It's anticipating full year profit after tax of approximately $14 million for FY20.
Finbar currently has $102 million of completed stock available for sale, with $57 million of that attributable to Finbar after joint venture interests. It has sold down an average of $6.1 million per month in the first half of FY20.
It finished with $31.2 million in cash, having repaid $12 million in bank facilities relating to Palmyra.
The company's Board decided to declare a fully franked dividend of $0.02 per share, which was a decrease of 33% from last year's interim 3 cents per share dividend.
The share price will be on watch tomorrow for the reaction to this result.
