B&B Residential Land Partners sows profits
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.
Recommended for you
In the latest episode of Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s Shane Oliver break down US and Australian rate cuts, soaring gold, and bitcoin’s volatility.
In the latest episode of the Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s chief economist Shane Oliver unpack the surprising twists in the Australian economy, diving into the latest GDP numbers, what’s really driving consumer spending, and what it all means for the Reserve Bank’s next moves.
In this episode of Relative Return, host Laura Dew chats with Roy Keenan, co-head of fixed income at Yarra Capital Management, to discuss the evolving fixed income asset class, his sector preferences, and the RBA’s rate-cutting policy.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to dissect the ongoing government economic reform roundtable and reflect on the wish lists of industry stakeholders – and whether there is hope for meaningful reform.
