News and Announcements
Folkestone Reports Half Year Profits of $3.2 Million
- Published February 28, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Folkestone (ASX:FLK) today announced a statutory net profit after tax for the six months ended 31 December 2016 of $3.19 million, an increase of 6.0 per cent over HY16. Normalised net profit after tax1 was $3.25 million, an increase of 2.3 per cent over HY16. Statutory earnings per share are 2.2 cents compared to 2.0 cents for HY16. Normalised earnings per share are 2.2 cents compared to 2.2 cents for HY16.
KEY TAKEAWAYS:
- Statutory net profit after tax of $3.2 million, up 6.0% on HY16.
- Statutory earnings per share of 2.2 cps, up 5.6% on HY16.
- Net asset value (NAV) per share of 96.7 cents, down 2.3% from 30 June 2016.
- Gearing of 8.7%, up from 4.2% at 30 June 2016.
- Funds under management of $1.2 billion, up 12.6% in HY17.
- FLK’s first Seniors Living Fund closed oversubscribed.
- Strong sales across active development projects,
- Acquired a 50% interest in a circa 142 room hotel development in Green Square, Sydney.
- FLK maintains dividend guidance of a fully franked dividend of 2.625 cps in respect of FY17 assuming no material change in market conditions.
Folkestone is well placed to continue to build sustainable growth across its funds management and development divisions.
Folkestone is on track to launch two new funds, being the Folkestone Wollert Development Fund and the Folkestone Green Square Hotel Fund in the second half of FY17. In addition, Folkestone is in due diligence on a number of opportunities that will either be acquired on balance sheet and sold down at a later date to Folkestone funds, or acquired directly by new funds established by Folkestone.
Mr Paramor said “we will continue to look for investment opportunities across the residential, non-residential and social infrastructure sectors where the projects offer the potential for attractive risk-adjusted returns, can be acquired and/or developed using efficient capital structures (i.e. staged land payments or deferred settlement terms), and where appropriate, undertaken in joint venture with quality partners and held in Folkestone managed funds.”
Folkestone confirms that its current intention is to pay a fully franked dividend of 2.625 cents per share in respect of FY17, an increase of 5.0 per cent on the FY16 dividend assuming no material change in market conditions.
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