News and Announcements
Folkestone Half Year Result – Transformation Complete
- Published February 22, 2013 4:12PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Source: ASX
Folkestone (ASX:FLK) today announced a net profit after tax for the six months ending 31 December 2012 of $0.03 million compared to a net profit after tax of $0.7 million in the corresponding period in 2011.
- Acquisition of the Austock property funds management business
- Folkestone Real Estate Income Fund at Sydney Olympic Park closed oversubscribed
- Significant growth in funds under management to $600 million
- The Ranges, Karratha Stage 1a commenced trading
- Potters Grove land sub‐division settled, construction commenced and solid sales in Stage 1 generated
TRANSFORMATION COMPLETE
Folkestone’s Managing Director, Mr Greg Paramor said “The first half of FY13 has been very active for the Group which has seen the completion of the transformation of Folkestone from a pure real estate developer to a real estate funds manager, investor and developer providing real estate wealth solutions to private clients and select institutions.”
“Over the past 18 months, we have sold legacy assets, recycled capital and established a funds management platform that now offers listed and unlisted real estate funds to private clients and a number of institutional investors” said Mr Paramor.
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To read full ASX announcement, please download the document below.
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