Finbar has high hopes

LISTED Perth-based property developer Finbar International has forecast continued strong profit and revenue for the remainder of the financial year.

The company announced a 123 per cent lift in half-year pre-tax profit to just over $2 million.

Sales of $13.2 million were up 120 per cent on the corresponding period in 1999 and came predominantly from the company’s 144 apartment Wellington Place project in East Perth.

Finbar managing director John Chan attributed the company’s strong performance to a policy of low gearing, ensuring development costs were covered by pre-construction sales and a lean management structure.

Since December it has announced plans to proceed with $100 million worth of residential development including a $30 million, twelve storey apartment complex in South Perth.

Another project recently off the ground is the development of thirty-six apartments at The Vines in Ellenbrook.