(MENAFN - ProactiveInvestors - Australia) Nomad Building Solutions (ASX: NOD) has sold part of its rental fleet based in Queensland, Western Australia and South Australia to Black Diamond Group (TSX: BDI) for 6.15 million.
Importantly, the sale price exceeds Nomad's depreciated book value of these assets and provides a strengthened balance sheet for the company moving forward.
This transaction follows on from the 2.4 million received in late November 2012 for the sale of Nomad's Pilbara-based rental assets to Auzcorp.
While 2012 has been a challenging year for Nomad, the company made a return to profitability during the year " the first since the 2009 financial year.
The company has also made a further reduction in debt and strengthened its balance sheet.
As a result Nomad reported a net profit after tax of 3.2 million on sales of 145 million.
The profit was achieved as a result of positive EBIT contributions from Nomad Eastern States, the McGrath Homes business in WA and the Nomad Rental business across WA and Queensland.
Nomad's rental assets have received considerable focus through the year and have been consolidated into a separate business unit under dedicated management.
This has resulted in a number of the assets being sold off to realise value.
Nomad has also invested 2.8 million in new rental assets, primarily for the Queensland market, during the 2012 financial year.