Gold Coast developer Villa World secure 32 percent rise in profits

Gold Coast developer Villa World secure 32 percent rise in profits
Gold Coast developer Villa World secure 32 percent rise in profits

Gold Coast residential developer Villa World have reported a 32 percent rise in its 2016 net profit having delivered $33.7 million in net profit after tax.

They are keen to buy more development sites after seeing a substantial rises in profits from $25.6 million last year.

The company reported strong sales figures for the year ending June 30, driven by strong sales, settlements, and a focus on domestic buyers.

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Gold Coast developer Villa World secure 32 percent rise in profits

“In 2016 we hit our target with a total of 1185 sales, almost double our result from three years ago,” managing director and chief executive Craig Treasure said.

“The domestic market has been our focus with less than 5 per cent of 2016 sales to international purchasers.”

The company also achieved a higher number of settlements this year, seeing a rise from 816 last year to 1073.

The amount of settlements helped lift Villa World's revenue by 20 percent to $387 million.

They purchased 2139 lots, taking their portfolio to 5937 lots as at June 30.

“The near-term focus will remain on the continued replenishment of the portfolio in southeast Queensland, growing the Victorian land bank with a focus on the southeastern and northern growth corridors of Melbourne, and growing a presence in NSW,” Craig said.

The company is targeting a net profit growth of at least 5 per cent and a dividend of at least 18c a share next year.

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