DomaCom posts $6.1m loss
Fractional property investment platform, DomaCom has reported a $6.1 million loss for the financial year ended 30 June.
The company, which listed on the Australian Securities Exchange (ASX) in November last year and raised $7.3 million, said the result was still in line with its expectations and reflected its early stage position.
At the same time, the DomaCom Fund, for which DomaCom acted as the investment manager, managed to acquire 43 property assets in sectors such as residential, rural and commercial which drove the number of accounts to 1,240 held by more than 840 investors.
DomaCom said in its annual report, released to the ASX, that the concept of fractional investment in property proved highly attractive to investors globally, as evidenced by the growth in global funds invested rising from $20 million to $2.5 billion between 2010 and 2015.
“While the concept is still in its infancy in Australia, there are a range of macro-economic drivers in place which give us significant confidence in the long-term prospects of the industry,” the report said.
It continued to gain traction in its primary channel of Independent Financial Planners and had been approved by 43 different adviser groups.
At the end of the FY2017 the company had a cash position of $2.7 million and said it anticipated receiving a further $1 million in Q3 2017 through a research and development grant.
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