Berwick Waters, Clyde North residential boosts Australand sales contracts

Berwick Waters, Clyde North residential boosts Australand sales contracts
Jonathan ChancellorDecember 7, 2020

Australand has reported a 49% rise in net profit and a 30% increase in operating profit after tax for the half-year.

Its residential division reported an increase in operating earnings.

The residential division achieved an operating EBIT result of $30.7 million for the half year up on the half year of $22.3 million.

Aggregate sales revenue for the half year was $185.0 million (HY13: $191.8 million).

Sales activity remains strong with the division holding 2,170 contracts on hand as at 30 June 2014 (13 December: 1,823 contracts on hand).

Major projects contributing to the half year result included:

The Clyde North project is being marketed as Berwick Waters (pictured above) which is delivering homes within extensive wetlands and open spaces, along with shopping and community facilities complemented by additional schools

But despite the recent sales the developer’s overall revenue fell 15% according to its financial report for the half-year to 30 June.

Distributions per stapled security were 12.75 cents, up from 10.5 cents.

The group upgraded its earnings guidance in May noting if strength in the residential market is sustained, earnings per security were expected to grow 10-15% annually from 2014 until the end of 2016.

Australand is set to be taken over by Singaporean-listed Frasers Centrepoint Limited after Australian authorities approved the $2.6 billion deal earlier in July.

Property professionals are invited to sign up for the upcoming Property Observer webinar on Off the Plan Marketing and Sales Masterclass.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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