Western Australian property developer Finbar Group Ltd
(ASX:FRI) has upgraded its earnings guidance for fiscal 2010.
The company says it has continued to secure a consistent level of sales and achieve a high conversion rate in settlements for apartment stock in completed projects.
As a result Finbar Group says the additional revenue received from settlements for these completed units has supported earnings in the second half and as a result the company is increasing its profit guidance to around $23 million after tax for the year.
The company had previously forecast profit of approximately $21 million for the fiscal year.
Meanwhile Finbar says it plans to demolish the old ABC News Building in East Perth to make way for two new buildings.
Finbar says it will invest $17.5 million in construction of the two apartment blocks, with the balance to be funded by traditional development finance means.
Finbar Group’s profit for fiscal 2009 came to $18.97 million, up on the previous year.
