News and Announcements
Folkestone’s Full Year Results – Normalised Net Profit after Tax up 71.2%; Annual Report; Results Presentation; Investor Review
- Published August 25, 2016 11:04AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
25th August 2016, ASX Announcement
Folkestone’s Full Year Results – 30 June 2016
- Normalised net profit after tax of $5.0 million, up 71.2% on FY15
- Normalised earnings per share of 3.4 cps, up 49.3%
- Net asset value (NAV) per share of 98.9, up 13.1%
- Gearing reduced to 4.2%, down from 15.6%
- Funds under management of $1.05 billion, up 14.7%
- All funds outperformed their relevant investment benchmark
- $16.9 million unrealised gain ($11.8 million net of tax) generated from FLK’s co-investment in Folkestone Education Trust (ASX: FET)
- Strong sales across active development projects
- Added three new development projects to the pipeline
- Established FLK’s Seniors Living platform
- FLK to pay a fully franked dividend of 2.5 cps – the first dividend in 8 years
Financial Results
Folkestone (ASX: FLK) today announced a normalised net profit after tax for the 12 months ended 30 June 2016 of $5.0 million, an increase of 71.2 per cent over FY15. Statutory net profit after tax was $5.5 million, down 22.3 per cent over FY15.
Normalised earnings per share is 3.4 cents compared to 2.3 cents for FY15. Statutory earnings per share is 3.7 cents compared to 5.5 cents for FY15.
Folkestone’s Managing Directon Mr Greg Paramor said “the solid result for FY16 reflects positive contributions from both our funds management platform and our on-balance sheet development activities. It also reflects our focused and disciplined approach to implementing our strategy in an environment where capital is abundant and competition for assets is driving prices close to cyclical highs in many sectors”.
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