DomaCom posts $6.1m loss

domacom/financial-results/loss/

1 September 2017
| By Oksana Patron |
image
image
expand image

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.

 

 

 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND