Finbar shares in trading halt ahead of new project announcement

Shares in Perth-based residential developer Finbar has been placed in a trading halt ahead of an announcement later today about a new project.

In a statement to the ASX, Finbar said it requested the trading halt ahead of an announcement about a “substantial new project opportunity”.

The announcement is expected to be made before close of business today.

Aside from its Perth residential projects, Finbar is also  building apartments in Karratha, in the mining-rich Pilbara region.

In June Finbar upgraded its profit forecast for the 2012 financial year ending June 30 following strong apartment sales in two of its Perth projects.

The developer is anticipating full-year profit after tax of approximately $28 million, an increase of $4 million from previous guidance.

Finbar will pay a final dividend of 5.5¢, fully franked, to take the full-year payout up 6% to 9¢.