While Suncorp, Mirvac and Stockland are posting shocking profit losses since the downturn, one Perth developer is bucking the trend to post record profits.
Property giant Mirvac posted a full year loss yesterday of more than $1 billion amid falling property prices. The developer was forced to make significant write downs across its portfolio, which contains retail, residential and hotel properties in Australia.
The firm’s net loss of $1.08 billion compares to a healthy $172 million profit last year.
This comes hot on the tails of appalling losses from the country’s largest residential builder Stockland, which recently unveiled a $1.8 billion full-year net loss.
However, one Perth property developer, Finbar, has fought off tough credit markets and declining sales to post a record net profit of $18.9 million, a 55 per cent improvement on last year.
“The priority for the board and management this year have been to ensure construction and commencements of the company’s pre-sold projects continued uninterrupted and to protect cashflow,” the company said in a statement.
“We believe these objectives have been adequately achieved with the completion of four major projects that comprise 330 residential and commercial lots and presale contract rates maintained at a level that is not dissimilar to levels experienced in a stronger market.
Finbar’s Perth projects including Fairlanes residential units in the city and The Edge apartments in Victoria park.
