(MENAFN- ProactiveInvestors - Australia) Property developer Finbar Group (ASX: FRI) is set for an even better financial year in 2013, with projections that it will surpass the 2012 financial year's record A$28.3 million net profit.
The company expects to report after tax profit of $14 million for just the first half of fiscal 2013 as a result of the completion of 85 settlements at its first Pilbara project, Pelago West.
Finbar's recently completed Lime project also contributed to earnings with 20 lots being transferred to new buyers.
The balance of settlements for Lime, where the residential lots are now sold out, is expected to occur in the second half of the 2013 financial year.
Meanwhile, Finbar has reaffirmed its fiscal 2013 profit guidance that it will exceed last financial year's record net profit with the company's major project, Adagio, set for completion in the second half of the year.
The Adagio project, where $100 million in sales have now been achieved, is on schedule to reach practical completion in March 2013 with settlements for these sold lots anticipated to commence in May 2013.
Finbar expects to announce its audited half year accounts on 28 February 2013.
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