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
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
