Babcock & Brown Residential Land Partners has reported an increase on net profit after tax of 145 per cent on last year’s results.
Despite the difficulties currently present in the housing sector, Babcock & Brown Residential Land Partners has reported net profit after tax for the year ended June 30, 2009, of $7.6 million, a 145 per cent increase on the $3.1 million reported in the previous corresponding period. And the group plans to better that return, stating that it expects to increase net profit after tax again in this financial year. The group also repaid $25.9 million in senior debt over the period.
“We continue to believe in the longer term underlying fundamentals of the Australian and New Zealand residential markets,” said Michael Balkin, managing director of Babcock & Brown Residential Land Partners.
The group is currently undertaking an “independent strategic review” to address the “significant gap” between its trading place and underlying portfolio value.
